Treasury Confirms $602 Billion Deficit in First Three Months of FY 2026

The United States borrowed $602 billion in the first three months of Fiscal Year (FY) 2026, including $145 billion in the month of December, 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 Treasury today confirmed that borrowing remains much too high in 2026. We’re borrowing $602 billion already this fiscal year, with $145 billion added in December alone. We are still on course for a nearly $2 trillion deficit this year.

Meanwhile, despite being more than a quarter into it our government is still not fully funded for the rest of the fiscal year, with another funding deadline around the corner in just over two weeks. Lawmakers should come to an agreement on appropriations that avoids increasing our debt even more, restores the caps on discretionary spending, and maintains flat funding from the last fiscal year.  

At the same time, policymakers should listen to the growing chorus of voices – from bipartisan groups in Congress to financial experts and business leaders across the country – urging them to commit to a more sustainable fiscal path, including by pursuing a 3% deficit-to-GDP target. Unless our elected leaders finally decide to focus on changing course, we’ll continue seeing these dismal fiscal numbers month after month. 

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