Treasury Confirms $1.4 Trillion FY 2026 Deficit So Far, Higher Than 2025

Jul 13, 2026
Committee for a Responsible Federal Budget
Budgets & Projections

The United States borrowed $1.4 trillion in the first nine months of Fiscal Year (FY) 2026, including $120 billion in June, 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:

Only three months left in FY 2026, and the Treasury Department just confirmed the deficit has now surpassed the FY 2025 deficit over the same period. At $1.4 trillion in the first nine months of FY 2026 – including $120 billion in the month of June alone – we are on track to borrow $2 trillion or more this fiscal year.

But these alarming deficit numbers represent just one of the many fiscal challenges facing the United States. Not only are we borrowing at an unsustainable rate, but lawmakers have yet to fund any part of the government for the upcoming fiscal year with very little time left. On top of that, our major trust funds are facing insolvency in the next seven years, meaning there is little time left to avoid across-the-board cuts to benefits. Lawmakers should work together to prevent insolvency of our trust funds, put in place much-needed deficit reduction, and stop making the problem worse with new borrowing.  

Rather than continuing the same unsustainable path, adopting a realistic fiscal target like bringing the deficit down to 3% of GDP or creating a bipartisan commission to address the nation’s laundry list of fiscal challenges would be a great start. Regardless, one thing is clear: something needs to change, and it is up to lawmakers to decide how.  

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Federal Reserve monetary policy, in coordination with the U.S. Treasury Department, must
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