Federal Receipts vs Outlays
Total federal revenue, total federal spending, and the resulting surplus or deficit. Includes historical trends and GDP-normalized comparisons.
About this data
Federal receipts and outlays are the two sides of the fiscal ledger — revenue collected and money paid out — and their monthly trajectory, reported by the U.S. Treasury in the Monthly Treasury Statement, is the most direct read on the federal deficit. Receipts are dominated by individual income tax and payroll tax, with corporate income tax, customs duties, and excise taxes contributing smaller but meaningful shares. Outlays split roughly four ways: mandatory entitlements (Social Security, Medicare, Medicaid), defense discretionary, non-defense discretionary, and net interest.
The deficit is what remains after outlays exceed receipts and, over the fiscal year, closes to the headline annual figure reported in CBO and OMB budget documents. Viewing the monthly pattern reveals the seasonality — April spikes from individual filings, September closes the fiscal year — and exposes when the gap is widening faster than the economy is growing. Each series here is pulled from Treasury's official Fiscal Data API, refreshed daily.
Federal Receipts vs Outlays
- Receipts
- Outlays
Surplus / Deficit
Receipts & Outlays as % of GDP
- Receipts % GDP
- Outlays % GDP
Recent Federal Receipts, Outlays & Deficit
| Period | Receipts | Outlays | Surplus / Deficit |
|---|---|---|---|
| Sep 2025 | $5.24T | $7.01T | $-1.77T |
| Sep 2024 | $4.92T | $6.74T | $-1.82T |
| Sep 2023 | $4.44T | $6.13T | $-1.69T |
| Sep 2022 | $4.90T | $6.27T | $-1.37T |
| Sep 2021 | $4.05T | $6.82T | $-2.77T |
| Sep 2020 | $3.42T | $6.52T | $-3.10T |
| Sep 2019 | $3.46T | $4.45T | $-983.59B |
| Sep 2018 | $3.33T | $4.11T | $-779.07B |
| Sep 2017 | $3.32T | $3.98T | $-665.45B |
| Sep 2016 | $3.27T | $3.85T | $-584.65B |
| Sep 2015 | $3.25T | $3.69T | $-441.96B |
| Sep 2014 | $3.02T | $3.51T | $-484.79B |
Key Terms
Frequently asked questions
How much does the US federal government spend per year?
Federal outlays have exceeded $6 trillion per year since the 2020 COVID response. Mandatory spending — Social Security, Medicare, Medicaid, and interest on the debt — makes up roughly two-thirds of that total. Discretionary spending (defense and non-defense agencies) and net interest round out the rest.
How much revenue does the US government collect?
Federal receipts are typically in the $4–5 trillion range. Individual income taxes provide about half; payroll taxes (Social Security and Medicare) provide another third; corporate income taxes contribute 7–10%; excise taxes, customs duties, and miscellaneous receipts make up the rest.
What is the federal budget deficit right now?
The federal deficit is the annual gap between receipts and outlays. Recent fiscal years have produced deficits in the $1.4–$2 trillion range — roughly 5–8% of GDP — well above the post-WWII average of about 3% of GDP.
What's the difference between mandatory and discretionary spending?
Mandatory spending is driven by eligibility rules written into permanent law (Social Security, Medicare, Medicaid, interest on the debt). It grows automatically as beneficiaries increase and inflation rises. Discretionary spending is set each year through the annual appropriations process — defense, agencies, courts, research, and grants.
How are federal outlays measured?
The Treasury publishes federal outlays monthly in the Monthly Treasury Statement. Outlays reflect actual cash payments in a fiscal year, which differs from 'budget authority' — what Congress authorized Congress may draw down over multiple years. Fiscal years run October 1 through September 30.