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: October 19, 2026 | Fiscal Year: Runs from October 1 to September 30
01Annual Federal Budget Deficits and Surpluses (1940-2026)
Surplus or Deficit by Fiscal Year (Nominal Dollars)
Billions of nominal dollars, from the table below (trillion-dollar years are shown to one decimal place in trillions).
Fiscal years run from October 1 to September 30 (July 1 to June 30 through FY1976) 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: through FY1976 that is the outgoing party, from FY1977 on the incoming one. Surplus years are shown in bold. The row marked TQ 1976 is the transition quarter (July 1 to September 30, 1976), the three months bridging the old and new fiscal calendars; it is not a fiscal year, is left out of the chart and of any year-to-year comparison, and its inflation-adjusted value is not shown. The party columns show who held office in each year, not who caused a deficit or surplus: each year's result also reflects laws passed years earlier, the economy and wars.
| 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 | D | D | $4.0B Surplus | $55.6B Surplus |
| 1948 | D | R | R | $11.8B Surplus | $153.3B Surplus |
| 1949 | D | R | R | $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 | D | D | $6.5B Deficit | $76.4B Deficit |
| 1954 | R | R | R | $1.2B Deficit | $14.0B Deficit |
| 1955 | R | R | R | $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 |
| TQ 1976 | R | D | D | $14.7B Deficit | – |
| 1977 | D | 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 | R | D | R | $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 | D | 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 | R | 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 | D | D | $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 | R | 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 |
| 2026 | R | R | R | $2.0T Deficit | n/a* |
Source: U.S. Office of Management and Budget, Historical Tables, Table 1.1 (Summary of Receipts, Outlays, and Surpluses or Deficits), for FY1940 through FY2023 and the transition quarter; U.S. Treasury Department Monthly Treasury Statements for FY2024 through FY2026; Federal Reserve Economic Data (FRED) for the price index. Inflation adjustments convert each year to 2024 dollars with the Consumer Price Index for All Urban Consumers (CPI-U), using the ratio of the 2024 annual average to that year's annual average; treat them as approximate. Values shown in billions (B) or trillions (T) of dollars. FY2026 final deficit per Treasury MTS (September 2026 statement, released October 2026): $1,992.5 billion. FY2025 final deficit per Treasury MTS: $1,775.4 billion. FY2024 final deficit per Treasury MTS: $1,816.8 billion. *The FY2026 inflation-adjusted figure will be added once the 2026 annual average CPI is published in January 2027.
02Recent 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.
Monthly Surplus/Deficit: Fiscal Year 2025 vs Fiscal Year 2026
Millions of dollars; bars below zero are deficits.
| Month | Fiscal Year 2025 | Fiscal Year 2026 | ||||
|---|---|---|---|---|---|---|
| Receipts | Outlays | Surplus/Deficit | Receipts | Outlays | Surplus/Deficit | |
| October | $326,770 | $584,220 | -$257,450 | $404,371 | $688,704 | -$284,333 |
| November | $301,754 | $668,517 | -$366,763 | $336,002 | $509,279 | -$173,277 |
| December | $454,415 | $541,146 | -$86,732 | $484,384 | $629,136 | -$144,752 |
| January | $513,294 | $641,935 | -$128,640 | $560,052 | $654,667 | -$94,615 |
| February | $296,424 | $603,441 | -$307,017 | $313,122 | $620,623 | -$307,501 |
| March | $367,645 | $528,174 | -$160,528 | $384,863 | $548,963 | -$164,100 |
| April | $850,169 | $591,769 | +$258,400 | $837,343 | $622,319 | +$215,024 |
| May | $371,229 | $686,881 | -$315,652 | $335,512 | $628,160 | -$292,648 |
| June | $526,445 | $499,436 | +$27,010 | $495,761 | $616,067 | -$120,305 |
| July | $338,492 | $629,635 | -$291,143 | $334,010 | $766,296 | -$432,286 |
| August | $344,315 | $689,107 | -$344,792 | $360,033 | $526,812 | -$166,779 |
| September | $543,663 | $345,725 | +$197,938 | $557,875 | $584,775 | -$26,900 |
| YEAR TOTAL | $5,234,616 | $7,009,986 | -$1,775,369 | $5,403,327 | $7,395,800 | -$1,992,473 |
Source: U.S. Treasury Department Final Monthly Treasury Statement for Fiscal Year 2026 (September 2026, released October 2026), which also carries the revised FY2025 figures. 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.
03Key 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 FY2026 deficit of $1.99 trillion was $217 billion (12%) larger than the FY2025 deficit and the third-largest in nominal dollars, behind FY2020 ($3.1 trillion) and FY2021 ($2.8 trillion). Receipts rose 3% to $5.40 trillion while outlays rose 5.5% to $7.40 trillion (Treasury MTS, September 2026; CBO Monthly Budget Review, October 8, 2026).
- 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 on CBO's measure (CBO Monthly Budget Review: Summary for Fiscal Year 2025). On the Treasury MTS net interest line it was $970 billion in FY2025 and crossed $1 trillion in FY2026.
- Customs duties surged 153% in FY2025 (from $77B to $195B) due to tariff increases beginning in February 2025.
- In FY2026, net interest was $1.05 trillion, up 8% and more than national defense ($965 billion), while customs duties fell 11% to $173 billion as refunds of the IEEPA tariffs struck down by the Supreme Court on February 20, 2026 offset new collections (Treasury MTS, September 2026).
- 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.
Corrections and Updates
| Date | What changed |
|---|---|
| October 25, 2026 | Added the July-September 1976 transition quarter ($14.7 billion deficit, OMB) as a separate row, excluded from annual comparisons; stated the CPI-U method and linked OMB Table 1.1 and the Monthly Treasury Statement. |
| October 24, 2026 | Party labels for ten transition fiscal years now follow the page's majority-of-the-year rule, and the net interest claim is sourced and squared with the FY2026 figure. |
Every correction to a published figure on this site is logged on Sources and Methods.
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