CBO Estimates $2.0 Trillion Deficit for First 11 Months of FY 2026

The United States borrowed $2.0 trillion in the first eleven months of Fiscal Year (FY) 2026, including $168 billion in August, according to the latest Monthly Budget Review from the Congressional Budget Office (CBO).  

The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget:   

With only one month left in this fiscal year, we have already racked up nearly $2.0 trillion in borrowing, including $168 billion in the month of August – more than we borrowed in all of FY 2025 and likely to rise further next month.

Such extraordinarily high deficits are just one piece of our fiscal situation that is falling apart. The gross national debt recently hit the sobering milestone of $40 trillion; we’re now spending more on yearly interest costs than on our national defense; debt held by the public exceeds the size of our entire economy; and trust funds for programs that tens of millions of Americans rely on face insolvency in less than a decade.

It is clear that we have delayed the hard choices for far too long. If lawmakers want to fix our laundry list of issues, they should come together and agree to a plan to target reducing deficits to 3% of GDP – half their current level – and get to work on shoring up our trust funds. If not, we risk leaving future generations with damage that can’t be undone.  

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For more information, please contact Matt Klucher, Assistant Director for Media Relations, at klucher@crfb.org.