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CBO Monthly Budget Review, Fiscal Year 2026
What does the latest CBO budget review say about the deficit?
Worked for 34sIn its latest edition, Monthly Budget Review: Summary for Fiscal Year 2026 (published November 9, 2026), the Congressional Budget Office (CBO) reports that the U.S. federal budget deficit widened in fiscal year 2026, which ended on September 30, 2026, as spending growth outpaced revenue growth.
- FY 2026 Federal Deficit
- $1,992 billion
- $2.0 trillion rounded; up from $1,775 billion in FY 2025 (Table 1)
- Source: CBO, Monthly Budget Review: Summary for Fiscal Year 2026 (Nov. 9, 2026), p. 1 cbo.gov
- FY 2026 Total Revenues
- $5,403 billion
- 16.8% of GDP, down from 17.2% in FY 2025 (Tables 1–2)
- Source: CBO, Monthly Budget Review: Summary for Fiscal Year 2026 (Nov. 9, 2026), p. 1 cbo.gov
On page 1, the report opens with the headline deficit figure and its primary drivers:
In fiscal year 2026, which ended on September 30, the federal budget deficit totaled $2.0 trillion—an increase of $217 billion (or 12 percent) from the deficit recorded in the previous year. Revenues and outlays increased from 2025 totals. Revenues rose by 3 percent, or $169 billion; increases in collections of individual income and payroll taxes were partially offset by declines in corporate income tax receipts and customs duties.
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