MarketXLS

Federal Surplus or Deficit

-1.775T for 2025

Federal Surplus or Deficit came in at -1.775T for 2025, up 2.24% from -1.815T the prior year and 2.24% above its level of -1.815T one year ago. The series has averaged -220B since 1901, reaching a record high of 236B in September 2000 and a record low of -3.096T in September 2020.

Source: Federal Reserve Economic Data (FRED), St. Louis Fed

Embed this chart

Preview ↗

Free to use on your site, blog, or newsletter. The chart stays current automatically - just keep the built-in attribution link. Click the code to copy it.

<iframe src="https://marketxls.com/embed/indicators/federal-deficit" width="100%" height="460" frameborder="0" title="Federal Surplus or Deficit chart"></iframe>
Cite this data: "Federal Surplus or Deficit," MarketXLS. Data from Federal Reserve Economic Data (FRED), St. Louis Fed. marketxls.com/indicators/federal-deficit

Historical Data

Observation dateValue
September 30, 2025-1.775T
September 30, 2024-1.815T
September 30, 2023-1.687T
September 30, 2022-1.374T
September 30, 2021-2.774T
September 30, 2020-3.096T
September 30, 2019-984B
September 30, 2018-779B
September 30, 2017-665B
September 30, 2016-585B
September 30, 2015-442B
September 30, 2014-485B
September 30, 2013-680B
September 30, 2012-1.077T
September 30, 2011-1.3T
September 30, 2010-1.294T
September 30, 2009-1.413T
September 30, 2008-459B
September 30, 2007-161B
September 30, 2006-248B
September 30, 2005-318B
September 30, 2004-413B
September 30, 2003-378B
September 30, 2002-158B
September 30, 2001128B
September 30, 2000236B
September 30, 1999126B
September 30, 199869.3B
September 30, 1997-21.9B
September 30, 1996-107B
September 30, 1995-164B
September 30, 1994-203B
September 30, 1993-255B
September 30, 1992-290B
September 30, 1991-269B
September 30, 1990-221B
September 30, 1989-153B
September 30, 1988-155B
September 30, 1987-150B
September 30, 1986-221B
September 30, 1985-212B
September 30, 1984-185B
September 30, 1983-208B
September 30, 1982-128B
September 30, 1981-79B
September 30, 1980-73.8B
September 30, 1979-40.7B
September 30, 1978-59.2B
September 30, 1977-53.7B
June 30, 1976-73.7B
June 30, 1975-53.2B
June 30, 1974-6.135B
June 30, 1973-14.9B
June 30, 1972-23.4B
June 30, 1971-23B
June 30, 1970-2.842B
June 30, 19693.242B
June 30, 1968-25.2B
June 30, 1967-8.643B
June 30, 1966-3.698B
June 30, 1965-1.411B
June 30, 1964-5.915B
June 30, 1963-4.756B
June 30, 1962-7.146B
June 30, 1961-3.335B
June 30, 1960301M
June 30, 1959-12.8B
June 30, 1958-2.769B
June 30, 19573.412B
June 30, 19563.947B
June 30, 1955-2.993B
June 30, 1954-1.154B
June 30, 1953-6.493B
June 30, 1952-1.519B
June 30, 19516.102B
June 30, 1950-3.119B
June 30, 1949580M
June 30, 194811.8B
June 30, 19474.018B
June 30, 1946-15.9B
June 30, 1945-47.6B
June 30, 1944-47.6B
June 30, 1943-54.6B
June 30, 1942-20.5B
June 30, 1941-4.941B
June 30, 1940-2.92B
June 30, 1939-2.846B
June 30, 1938-89M
June 30, 1937-2.193B
June 30, 1936-4.304B
June 30, 1935-2.803B
June 30, 1934-3.586B
June 30, 1933-2.602B
June 30, 1932-2.735B
June 30, 1931-462M
June 30, 1930738M
June 30, 1929734M
June 30, 1928939M
June 30, 19271.155B
June 30, 1926865M
June 30, 1925717M
June 30, 1924963M
June 30, 1923713M
June 30, 1922736M
June 30, 1921509M
June 30, 1920291M
June 30, 1919-13.4B
June 30, 1918-9.032B
June 30, 1917-853M
June 30, 191648M
June 30, 1915-63M
June 30, 19140
June 30, 19130
June 30, 19123M
June 30, 191111M
June 30, 1910-18M
June 30, 1909-89M
June 30, 1908-57M
June 30, 190787M
June 30, 190625M
June 30, 1905-23M
June 30, 1904-43M
June 30, 190345M
June 30, 190277M
June 30, 190163M

About Federal Surplus or Deficit

What it measures

The Federal Surplus or Deficit (FRED series FYFSD) measures the annual difference between federal receipts and outlays for each fiscal year. A negative value indicates a deficit, which has been the norm for most of modern US history. The data come from Treasury and Office of Management and Budget accounting.

Why it matters

The deficit determines federal borrowing needs, driving Treasury issuance and influencing interest rates and debt trajectory. Its cyclical component reveals fiscal stimulus or drag on the economy, while its structural component signals long-run sustainability questions. Large deficits during expansions leave less fiscal room to respond when recessions arrive.

How to read it

Scale the deficit by GDP to compare across eras; the dollar figure alone is misleading over long horizons. Deficits naturally widen in recessions as revenues fall and safety-net spending rises, so a widening deficit is not automatically a policy choice. Persistent large deficits at full employment indicate structural imbalance between commitments and revenue.

Get Federal Surplus or Deficit in Excel

Pull Federal Surplus or Deficit directly into your spreadsheet with a single MarketXLS formula - always current, no copy-pasting:

=FederalSurplusOrDeficit()

View the Federal Surplus or Deficit formula documentation or browse all 100+ Economic Data functions.

Frequently Asked Questions

What is the current Federal Surplus or Deficit?

Federal Surplus or Deficit is -1.775T as of September 2025.

What is the all-time high and low of Federal Surplus or Deficit?

The highest value on record is 236B (September 2000) and the lowest is -3.096T (September 2020).

How often is Federal Surplus or Deficit updated?

Federal Surplus or Deficit is published on a annual basis, sourced from Federal Reserve Economic Data (FRED).

How do I get Federal Surplus or Deficit in Excel?

Use the MarketXLS Excel formula =FederalSurplusOrDeficit() to pull Federal Surplus or Deficit directly into any cell, with historical values available for analysis.

Basic info
A surplus occurs when the government collects more money than it spends. A deficit occurs when the government spends more money than it collects.
RegionUnited States
FrequencyAnnual
Last updatedApril 3, 2026
Seasonal adjustmentNot Seasonally Adjusted
UnitMillions of Dollars

Stats
Last Value-1.775T
Latest Period2025
Last UpdatedApril 3 2026, 12:02
Value Previous Year-1.815T
Change From Previous Year2.24%
Value 1 Year Ago-1.815T
Change From Year Ago2.24%
Record High (Sep 2000)236B
Record Low (Sep 2020)-3.096T
Long-Term Average-220B
FrequencyAnnual
AdjustmentNot Seasonally Adjusted
UnitMillions of Dollars

Annual Averages
2025-1.775T
2024-1.815T
2023-1.687T
2022-1.374T
2021-2.774T
2020-3.096T
2019-984B
2018-779B
2017-665B
2016-585B
2015-442B
2014-485B

Related Indicators
Real Gross Domestic Product
Real Personal Consumption Expenditures
Real Gross Private Domestic Investment
Real Government Spending
Real Net Exports of Goods and Services
Real Exports of Goods and Services
Real imports of goods and services
Federal Receipts
Federal Net Outlays
US Federal Debt (Total Public Debt)
Real Private Nonresidential Fixed Investment
Real Private Residential Fixed Investment
<< PREVIOUS INDICATOR
NEXT INDICATOR>>