A History of Surpluses and Deficits in the United States
About This Data: This page contains comprehensive historical data on U.S. federal budget deficits and surpluses from 1940 through the present day. All data is sourced from official U.S. Treasury Monthly Treasury Statements and Office of Management and Budget reports.
Last Updated: March 2026 | Fiscal Year: Runs from October 1 to September 30
Annual Federal Budget Deficits and Surpluses (1940-2025)
Fiscal years run from October 1 to September 30 and are labeled by their ending date. For presidential and Congressional transitions (which occur in January), the party holding office for the majority of the fiscal year is shown.
| Fiscal Year |
President Party |
House Majority |
Senate Majority |
Surplus/Deficit (Billions) |
Surplus/Deficit (2024 Dollars) |
|---|---|---|---|---|---|
| 1940 | D | D | D | $2.9B Deficit | $64.4B Deficit |
| 1941 | D | D | D | $4.9B Deficit | $104.4B Deficit |
| 1942 | D | D | D | $20.5B Deficit | $386.8B Deficit |
| 1943 | D | D | D | $54.6B Deficit | $975.2B Deficit |
| 1944 | D | D | D | $47.6B Deficit | $834.9B Deficit |
| 1945 | D | D | D | $47.6B Deficit | $821.1B Deficit |
| 1946 | D | D | D | $15.9B Deficit | $252.3B Deficit |
| 1947 | D | R | R | $4.0B Surplus | $55.6B Surplus |
| 1948 | D | R | R | $11.8B Surplus | $153.3B Surplus |
| 1949 | D | D | D | $0.6B Surplus | $7.9B Surplus |
| 1950 | D | D | D | $3.1B Deficit | $40.3B Deficit |
| 1951 | D | D | D | $6.1B Surplus | $73.5B Surplus |
| 1952 | D | D | D | $1.5B Deficit | $17.6B Deficit |
| 1953 | D | R | R | $6.5B Deficit | $76.4B Deficit |
| 1954 | R | R | R | $1.2B Deficit | $14.0B Deficit |
| 1955 | R | D | D | $3.0B Deficit | $34.9B Deficit |
| 1956 | R | D | D | $3.9B Surplus | $44.8B Surplus |
| 1957 | R | D | D | $3.4B Surplus | $37.8B Surplus |
| 1958 | R | D | D | $2.8B Deficit | $30.1B Deficit |
| 1959 | R | D | D | $12.8B Deficit | $137.6B Deficit |
| 1960 | R | D | D | $0.3B Surplus | $3.2B Surplus |
| 1961 | R | D | D | $3.3B Deficit | $34.4B Deficit |
| 1962 | D | D | D | $7.1B Deficit | $73.2B Deficit |
| 1963 | D | D | D | $4.8B Deficit | $49.0B Deficit |
| 1964 | D | D | D | $5.9B Deficit | $59.6B Deficit |
| 1965 | D | D | D | $1.4B Deficit | $13.9B Deficit |
| 1966 | D | D | D | $3.7B Deficit | $35.6B Deficit |
| 1967 | D | D | D | $8.6B Deficit | $80.4B Deficit |
| 1968 | D | D | D | $25.2B Deficit | $225.0B Deficit |
| 1969 | D | D | D | $3.2B Surplus | $27.1B Surplus |
| 1970 | R | D | D | $2.8B Deficit | $22.4B Deficit |
| 1971 | R | D | D | $23.0B Deficit | $176.9B Deficit |
| 1972 | R | D | D | $23.4B Deficit | $174.6B Deficit |
| 1973 | R | D | D | $14.9B Deficit | $106.4B Deficit |
| 1974 | R | D | D | $6.1B Deficit | $38.6B Deficit |
| 1975 | R | D | D | $53.2B Deficit | $307.5B Deficit |
| 1976 | R | D | D | $73.7B Deficit | $402.4B Deficit |
| 1977 | R | D | D | $53.7B Deficit | $276.6B Deficit |
| 1978 | D | D | D | $59.2B Deficit | $283.0B Deficit |
| 1979 | D | D | D | $40.7B Deficit | $173.8B Deficit |
| 1980 | D | D | D | $73.8B Deficit | $279.7B Deficit |
| 1981 | D | D | D | $79.0B Deficit | $271.8B Deficit |
| 1982 | R | D | R | $128.0B Deficit | $414.7B Deficit |
| 1983 | R | D | R | $207.8B Deficit | $650.4B Deficit |
| 1984 | R | D | R | $185.4B Deficit | $556.2B Deficit |
| 1985 | R | D | R | $212.3B Deficit | $617.8B Deficit |
| 1986 | R | D | R | $221.2B Deficit | $630.4B Deficit |
| 1987 | R | D | D | $149.7B Deficit | $411.7B Deficit |
| 1988 | R | D | D | $155.2B Deficit | $411.3B Deficit |
| 1989 | R | D | D | $152.5B Deficit | $384.3B Deficit |
| 1990 | R | D | D | $221.2B Deficit | $528.7B Deficit |
| 1991 | R | D | D | $269.3B Deficit | $614.0B Deficit |
| 1992 | R | D | D | $290.4B Deficit | $647.6B Deficit |
| 1993 | R | D | D | $255.1B Deficit | $551.0B Deficit |
| 1994 | D | D | D | $203.2B Deficit | $428.8B Deficit |
| 1995 | D | R | R | $164.0B Deficit | $336.2B Deficit |
| 1996 | D | R | R | $107.5B Deficit | $215.0B Deficit |
| 1997 | D | R | R | $22.0B Deficit | $42.9B Deficit |
| 1998 | D | R | R | $69.2B Surplus | $132.9B Surplus |
| 1999 | D | R | R | $125.6B Surplus | $236.1B Surplus |
| 2000 | D | R | R | $236.4B Surplus | $432.6B Surplus |
| 2001 | D | R | R | $127.3B Surplus | $226.6B Surplus |
| 2002 | R | R | D | $157.8B Deficit | $276.1B Deficit |
| 2003 | R | R | R | $377.6B Deficit | $645.7B Deficit |
| 2004 | R | R | R | $413.0B Deficit | $689.7B Deficit |
| 2005 | R | R | R | $318.0B Deficit | $515.2B Deficit |
| 2006 | R | R | R | $248.0B Deficit | $391.8B Deficit |
| 2007 | R | R | R | $161.0B Deficit | $247.9B Deficit |
| 2008 | R | D | D | $459.0B Deficit | $670.1B Deficit |
| 2009 | D | D | D | $1.4T Deficit | $2.1T Deficit |
| 2010 | D | D | D | $1.3T Deficit | $1.9T Deficit |
| 2011 | D | D | D | $1.3T Deficit | $1.8T Deficit |
| 2012 | D | R | D | $1.1T Deficit | $1.5T Deficit |
| 2013 | D | R | D | $680.0B Deficit | $918.0B Deficit |
| 2014 | D | R | D | $485.0B Deficit | $645.0B Deficit |
| 2015 | D | R | R | $438.0B Deficit | $582.5B Deficit |
| 2016 | D | R | R | $585.0B Deficit | $766.4B Deficit |
| 2017 | R | R | R | $665.0B Deficit | $851.2B Deficit |
| 2018 | R | R | R | $779.0B Deficit | $973.8B Deficit |
| 2019 | R | D | R | $984.0B Deficit | $1.2T Deficit |
| 2020 | R | D | R | $3.1T Deficit | $3.8T Deficit |
| 2021 | D | D | D | $2.8T Deficit | $3.2T Deficit |
| 2022 | D | D | D | $1.4T Deficit | $1.5T Deficit |
| 2023 | D | R | D | $1.7T Deficit | $1.8T Deficit |
| 2024 | D | R | D | $1.8T Deficit | $1.8T Deficit |
| 2025 | R | R | R | $1.8T Deficit | $1.8T Deficit |
Source: U.S. Office of Management and Budget Historical Tables, U.S. Treasury Department Monthly Treasury Statements, Federal Reserve Economic Data (FRED). Inflation adjustments calculated using CPI data. Values shown in billions (B) or trillions (T) of dollars. FY2025 final deficit per Treasury MTS: $1,775.4 billion. FY2024 final deficit per Treasury MTS: $1,816.8 billion.
Recent Monthly Deficits and Surpluses
The following table shows monthly receipts, outlays, and resulting deficits or surpluses for the most recent fiscal years. All figures in millions of dollars.
| Month | Fiscal Year 2024 | Fiscal Year 2025 | ||||
|---|---|---|---|---|---|---|
| Receipts | Outlays | Surplus/Deficit | Receipts | Outlays | Surplus/Deficit | |
| October | $403,434 | $469,997 | -$66,564 | $326,770 | $584,220 | -$257,450 |
| November | $274,830 | $588,842 | -$314,012 | $301,754 | $668,517 | -$366,763 |
| December | $429,311 | $558,665 | -$129,354 | $454,415 | $541,146 | -$86,732 |
| January | $477,320 | $499,250 | -$21,930 | $513,294 | $641,935 | -$128,640 |
| February | $271,126 | $567,401 | -$296,275 | $296,424 | $603,441 | -$307,017 |
| March | $332,079 | $568,635 | -$236,556 | $367,645 | $528,174 | -$160,528 |
| April | $776,198 | $566,669 | +$209,529 | $850,169 | $591,769 | +$258,400 |
| May | $323,647 | $670,778 | -$347,131 | $371,229 | $686,881 | -$315,652 |
| June | $466,255 | $537,220 | -$70,965 | $526,445 | $499,436 | +$27,010 |
| July | $330,377 | $574,119 | -$243,741 | $338,492 | $629,635 | -$291,143 |
| August | $306,540 | $686,620 | -$380,080 | $344,315 | $689,107 | -$344,792 |
| September | $526,990 | $446,701 | +$80,289 | $543,663 | $345,713 | +$197,950 |
| YEAR TOTAL | $4,918,106 | $6,734,896 | -$1,816,790 | $5,234,616 | $7,009,974 | -$1,775,357 |
Source: U.S. Treasury Department Final Monthly Treasury Statement for Fiscal Year 2025 (September 2025) and Fiscal Year 2024. All values in millions of dollars. Note: Federal fiscal years run from October 1 through September 30. Details may not add to totals due to rounding. FY2025 August outlays were elevated due to timing shifts - payments normally due September 1 (a non-business day) were accelerated into August.
Key Insights:
• The United States last ran a budget surplus in fiscal year 2001.
• The largest deficit in U.S. history occurred in FY2020 ($3.1 trillion) due to COVID-19 pandemic spending.
• The FY2025 deficit of $1.775 trillion was $41 billion (2%) smaller than the FY2024 deficit.
• Net interest on the public debt surpassed $1 trillion for the first time in FY2025, making it the second-largest federal expenditure behind Social Security.
• Customs duties surged 153% in FY2025 (from $77B to $195B) due to tariff increases beginning in February 2025.
• April and September typically show monthly surpluses due to tax collection deadlines and fiscal year-end adjustments, respectively.
• Inflation-adjusted figures provide a clearer picture of deficits/surpluses relative to purchasing power over time.