12-Month Rolling Deficit is $2.1 Trillion in March 2025

The federal government has borrowed $2.1 trillion over the past year – April 2024 to March 2025 – based on estimates from the Congressional Budget Office (CBO).

CBO estimates the government borrowed $163 billion in March 2025 compared to $237 billion in March 2024. Were it not for March 1 falling on a weekend, CBO estimates that the March 2025 deficit would have been $10 billion higher than the March 2024 deficit.

Over the past 12 months, total nominal spending was $7.1 trillion, compared to $6.2 trillion over the same period prior. Nominal revenue is $5.0 trillion over the past 12 months compared to $4.6 trillion the same period prior.

We roughly estimate the $2.1 trillion rolling deficit is 7.0 percent as a share of Gross Domestic Product.