Treasury Confirms $1.8 Trillion Deficit for First 10 Months of FY 2026

The United States borrowed $1.8 trillion in the first ten months of Fiscal Year (FY) 2026, including $432 billion in July, according to the latest Monthly Treasury Statement from the Treasury Department.

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

The United States has borrowed more in the first 10 months of fiscal year 2026 than it did in all of fiscal year 2025. Today’s Treasury figures show we’re already $1.8 trillion in the red, suggesting we’re on track to borrow over $2 trillion this fiscal year.  

In July alone, we borrowed $432 billion – that’s $14 billion per day.  

We are already feeling the consequences of this extreme borrowing – high interest rates, trillion-dollar interest payments, and looming trust fund insolvency that threatens benefits for Social Security and Medicare. As we are about to hit the milestone of $40 trillion in gross national debt, it is clear the time to restore fiscal responsibility is now. Although action is long overdue, it is never too late to start correcting course.  

Lawmakers should come together and agree to a plan – or at least a process for a plan – to reduce deficits to 3% of GDP and put the budget on a sustainable path. 

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