MarketXLS

Federal Net Outlays

7.011T for 2025

Federal Net Outlays came in at 7.011T for 2025, up 4.10% from 6.735T the prior year and 4.10% above its level of 6.735T one year ago. The series has averaged 1.049T since 1901, reaching a record high of 7.011T in September 2025 and a record low of 485M in June 1902.

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

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Cite this data: "Federal Net Outlays," MarketXLS. Data from Federal Reserve Economic Data (FRED), St. Louis Fed. marketxls.com/indicators/federal-spending

Historical Data

Observation dateValue
September 30, 20257.011T
September 30, 20246.735T
September 30, 20236.128T
September 30, 20226.272T
September 30, 20216.821T
September 30, 20206.517T
September 30, 20194.447T
September 30, 20184.109T
September 30, 20173.982T
September 30, 20163.853T
September 30, 20153.692T
September 30, 20143.506T
September 30, 20133.455T
September 30, 20123.527T
September 30, 20113.603T
September 30, 20103.457T
September 30, 20093.518T
September 30, 20082.983T
September 30, 20072.729T
September 30, 20062.655T
September 30, 20052.472T
September 30, 20042.293T
September 30, 20032.16T
September 30, 20022.011T
September 30, 20011.863T
September 30, 20001.789T
September 30, 19991.702T
September 30, 19981.652T
September 30, 19971.601T
September 30, 19961.56T
September 30, 19951.516T
September 30, 19941.462T
September 30, 19931.409T
September 30, 19921.382T
September 30, 19911.324T
September 30, 19901.253T
September 30, 19891.144T
September 30, 19881.064T
September 30, 19871.004T
September 30, 1986990B
September 30, 1985946B
September 30, 1984852B
September 30, 1983808B
September 30, 1982746B
September 30, 1981678B
September 30, 1980591B
September 30, 1979504B
September 30, 1978459B
September 30, 1977409B
June 30, 1976372B
June 30, 1975332B
June 30, 1974269B
June 30, 1973246B
June 30, 1972231B
June 30, 1971210B
June 30, 1970196B
June 30, 1969184B
June 30, 1968178B
June 30, 1967157B
June 30, 1966135B
June 30, 1965118B
June 30, 1964119B
June 30, 1963111B
June 30, 1962107B
June 30, 196197.7B
June 30, 196092.2B
June 30, 195992.1B
June 30, 195882.4B
June 30, 195776.6B
June 30, 195670.6B
June 30, 195568.4B
June 30, 195470.9B
June 30, 195376.1B
June 30, 195267.7B
June 30, 195145.5B
June 30, 195042.6B
June 30, 194938.8B
June 30, 194829.8B
June 30, 194734.5B
June 30, 194655.2B
June 30, 194592.7B
June 30, 194491.3B
June 30, 194378.6B
June 30, 194235.1B
June 30, 194113.7B
June 30, 19409.468B
June 30, 19399.141B
June 30, 19386.84B
June 30, 19377.58B
June 30, 19368.228B
June 30, 19356.412B
June 30, 19346.541B
June 30, 19334.598B
June 30, 19324.659B
June 30, 19313.577B
June 30, 19303.32B
June 30, 19293.127B
June 30, 19282.961B
June 30, 19272.857B
June 30, 19262.93B
June 30, 19252.924B
June 30, 19242.908B
June 30, 19233.14B
June 30, 19223.289B
June 30, 19215.062B
June 30, 19206.358B
June 30, 191918.5B
June 30, 191812.7B
June 30, 19171.954B
June 30, 1916713M
June 30, 1915746M
June 30, 1914726M
June 30, 1913715M
June 30, 1912690M
June 30, 1911691M
June 30, 1910694M
June 30, 1909694M
June 30, 1908659M
June 30, 1907579M
June 30, 1906570M
June 30, 1905567M
June 30, 1904584M
June 30, 1903517M
June 30, 1902485M
June 30, 1901525M

About Federal Net Outlays

What it measures

Federal Net Outlays (FRED series FYONET) measures total annual spending by the US federal government, including mandatory programs such as Social Security and Medicare, discretionary defense and nondefense spending, and net interest on the debt. It is reported per fiscal year from Treasury and Office of Management and Budget records.

Why it matters

Outlays define the size of the federal footprint in the economy and, together with receipts, the deficit. The composition matters as much as the total: mandatory spending and interest costs grow largely on autopilot, squeezing discretionary room. Investors track outlays to anticipate Treasury supply and assess long-run fiscal sustainability.

How to read it

Evaluate outlays as a share of GDP rather than in dollar terms, since nominal spending rises almost every year with inflation and population. Spikes typically correspond to recessions and emergency responses, when automatic stabilizers and stimulus kick in. Watch the interest component: sustained growth there compounds debt dynamics independently of any policy decision.

Get Federal Net Outlays in Excel

Pull Federal Net Outlays directly into your spreadsheet with a single MarketXLS formula - always current, no copy-pasting:

=FederalOutlays()

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

Frequently Asked Questions

What is the current Federal Net Outlays?

Federal Net Outlays is 7.011T as of September 2025.

What is the all-time high and low of Federal Net Outlays?

The highest value on record is 7.011T (September 2025) and the lowest is 485M (June 1902).

How often is Federal Net Outlays updated?

Federal Net Outlays is published on a annual basis, sourced from Federal Reserve Economic Data (FRED).

How do I get Federal Net Outlays in Excel?

Use the MarketXLS Excel formula =FederalOutlays() to pull Federal Net Outlays directly into any cell, with historical values available for analysis.

Basic info
Payments made by the Central Government.
RegionUnited States
FrequencyAnnual
Last updatedApril 3, 2026
Seasonal adjustmentNot Seasonally Adjusted
UnitMillions of Dollars

Stats
Last Value7.011T
Latest Period2025
Last UpdatedApril 3 2026, 12:02
Value Previous Year6.735T
Change From Previous Year4.10%
Value 1 Year Ago6.735T
Change From Year Ago4.10%
Average Growth Rate7.95%/yr
Record High (Sep 2025)7.011T
Record Low (Jun 1902)485M
Long-Term Average1.049T
FrequencyAnnual
AdjustmentNot Seasonally Adjusted
UnitMillions of Dollars

Annual Averages
20257.011T
20246.735T
20236.128T
20226.272T
20216.821T
20206.517T
20194.447T
20184.109T
20173.982T
20163.853T
20153.692T
20143.506T

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 Surplus or Deficit
US Federal Debt (Total Public Debt)
Real Private Nonresidential Fixed Investment
Real Private Residential Fixed Investment
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