Federal receipts, outlays and balance in their own fiscal years and nominal units.
Retained evidence in its native reporting frequency. Values do not become daily observations when the page refreshes.
Observed context
Fiscal / policy buffers
How do annual federal receipts, spending and the budget balance compare?
$5.24tn / $7.01tn
FY2025 · annual fiscal year · latest retained evidence
Observed fiscal context: compatible fiscal-year cash-flow histories show the federal financing position.
How to read it: With receipts unchanged, higher outlays widen the deficit; with outlays unchanged, higher receipts narrow it. Neither alone measures policy capacity.
Latest retained reading: FY2025: outlays exceeded receipts by $1.77 trillion in current dollars. This balance is not a default probability or a measure of remaining fiscal room.
Balance: $-1.77 trillion (receipts minus outlays; a negative value is a deficit).
Federal receipts / outlays
trillion current USD per fiscal year — Federal fiscal flows: a deficit is not a measure of sovereign default risk or remaining policy capacity.
Y axis: Federal fiscal-year flows (trillion US dollars, nominal)
X axis: calendar dates; each series retains its own observation or simulation cadence.
Named US recession intervals provide historical context. They do not identify the cause of each change.
Retained-vintage observations, plotted at period end. Connecting points does not create daily observations. Fiscal years end September 30. Units: trillion current USD per fiscal year.
Date / observation period
Federal receipts
Federal outlays
FY2015
3.25
3.69
FY2016
3.27
3.85
FY2017
3.32
3.98
FY2018
3.33
4.11
FY2019
3.46
4.45
FY2020
3.42
6.52
FY2021
4.05
6.82
FY2022
4.9
6.27
FY2023
4.44
6.13
FY2024
4.92
6.74
FY2025
5.24
7.01
How to use it: US federal budget cash flows, aligned to the same fiscal year; not all levels of government. Nominal values are not inflation-adjusted.
Definition, coverage and source dates
Federal receipts: Balance zero means receipts equal outlays. Positive is surplus, negative is deficit. Neither is a calibrated measure of fiscal capacity. A larger nominal annual flow; the sign of the balance distinguishes surplus from deficit. Units: trillion current USD per fiscal year; cadence: annual fiscal year.
Federal outlays: Balance zero means receipts equal outlays. Positive is surplus, negative is deficit. Neither is a calibrated measure of fiscal capacity. A larger nominal annual flow; the sign of the balance distinguishes surplus from deficit. Units: trillion current USD per fiscal year; cadence: annual fiscal year.
Federal budget balance (receipts minus outlays): Balance zero means receipts equal outlays. Positive is surplus, negative is deficit. Neither is a calibrated measure of fiscal capacity. A larger nominal annual flow; the sign of the balance distinguishes surplus from deficit. Units: trillion current USD per fiscal year; cadence: annual fiscal year.
Nominal fiscal-year federal flows; not a complete national balance sheet or all levels of government.
Debt maturity, currency, market access, inflation and institutional capacity remain outside this factor panel.
No quarterly NIPA interest is divided by fiscal-year cash receipts.
Refresh: retained-data release; automated source checking is not connected to this panel. It may omit newer releases. Consult the source dates and vintages above.
