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 and Office of Management and Budget reports.
Last Updated: January 2026 | Fiscal Year: Runs from October 1 to September 30
Annual Federal Budget Deficits and Surpluses (1940-2025)
Fiscal years are labeled by their ending date. Party control reflects the political composition during the majority of the fiscal year.
| 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 | R | $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 | D | $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 | R | 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 | D | R | R | $665.0B Deficit | $851.2B Deficit |
| 2018 | R | R | R | $779.0B Deficit | $973.8B Deficit |
| 2019 | R | R | R | $984.0B Deficit | $1.2T Deficit |
| 2020 | R | D | R | $3.1T Deficit | $3.8T Deficit |
| 2021 | R | D | R | $2.8T Deficit | $3.2T Deficit |
| 2022 | D | D | D | $1.4T Deficit | $1.5T Deficit |
| 2023 | D | D | D | $1.7T Deficit | $1.8T Deficit |
| 2024 | D | D | D | $1.8T Deficit | $1.8T Deficit |
| 2025 | D | R | R | $1.8T Deficit | $1.8T Deficit |
Source: U.S. Office of Management and Budget, 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.
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 | — | — | — |
| February | $271,126 | $567,401 | -$296,275 | — | — | — |
| March | $332,079 | $568,635 | -$236,556 | — | — | — |
| April | $776,198 | $566,669 | +$209,529 | — | — | — |
| May | $323,647 | $670,778 | -$347,131 | — | — | — |
| June | $466,255 | $537,220 | -$70,965 | — | — | — |
| July | $330,377 | $574,119 | -$243,741 | — | — | — |
| August | $306,540 | $686,620 | -$380,080 | — | — | — |
| September | $526,990 | $446,701 | +$80,289 | — | — | — |
| YEAR TOTAL | $4,918,107 | $6,734,897 | -$1,816,790 | In Progress | ||
Source: U.S. Treasury Department Monthly Treasury Statements (MTS). All values in millions of dollars. Fiscal Year 2025 data is shown through the most recent available month as of January 2026. Note: Federal fiscal years run from October 1 through September 30.
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.
• Inflation-adjusted figures provide a clearer picture of deficits/surpluses relative to purchasing power over time.
• April typically shows a monthly surplus due to tax collection deadlines.