The federal budget deficit totaled $439 billion in October and November 2025, the first two months of fiscal year 2026, CBO estimates. That amount is $185 billion less than the deficit recorded during the same period last fiscal year.
The federal budget deficit totaled $439 billion in October and November 2025, the first two months of fiscal year 2026, the Congressional Budget Office estimates. That amount is $185 billion less than the deficit recorded during the same period last fiscal year. Outlays were $73 billion (or 6 percent) lower, and revenues were $112 billion (or 18 percent) higher.
Outlays in November 2024 were boosted by the shifts to that month of certain payments that were due on December 1, 2024, a Saturday. If not for those shifts, the deficit thus far in fiscal year 2026 would have been $103 billion less than the shortfall at this point last year, and outlays would have been $9 billion more.
