Analysis

Federal money in and out, fiscal 2025

Where did federal money come from and where did it go in fiscal 2025?

Coverage: Federal fiscal year 2025 (October 1, 2024 to September 30, 2025)

Contained in Where federal money came from and went, fiscal 2025.

What this dataset measures

Fiscal 2025 is the latest complete federal fiscal year. The Monthly Treasury Statement is the Treasury's official monthly accounting of receipts and outlays, and its September issue gives full-year totals by receipt source and by budget function.

Saved analyses

Federal money in and out, fiscal 2025

Question: Where did federal money come from and where did it go in fiscal 2025?

Result: Federal spending was $7,010.0 billion: $5,234.6 billion from receipts and $1,775.4 billion (25.3%) borrowed. Interest on the debt ($970.4 billion) exceeded defense ($916.6 billion). Tariffs brought in $194.9 billion, up from $77.0 billion in fiscal 2024.

Operation: Group MTS Table 9 receipt and outlay lines into flows; add the deficit as borrowing so inflows equal outlays

Scope: All federal budget receipts and net outlays, fiscal 2025

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  • Net outlays: offsetting receipts are subtracted, so 'Everything else' is a net figure that includes the negative Undistributed Offsetting Receipts line.
  • The deficit is shown as borrowing; the change in debt held by the public differs because of cash-balance and other financing changes.

Sources

  1. U.S. Treasury, Monthly Treasury Statement, Table 9: Summary of Receipts by Source, and Outlays by Function (September 2025, fiscal year to date) Receipts by source and outlays by budget function for fiscal 2025

    Retrieved November 8, 2026. U.S. government work, open data. Free to redistribute without restriction

    Reliability: Government. The Bureau of the Fiscal Service compiles the Monthly Treasury Statement from agency accounting reports; it is the official record of federal receipts and outlays. Retrieved through the Fiscal Data API (mts_table_9, record_date 2025-09-30).

License: FactHub's selection, cleaning and combined tables are licensed under CC BY 4.0. Source data keeps the terms listed above (terms).

Limitations and reproducibility

Reproducible: Every value comes from MTS Table 9 for record date 2025-09-30 (fiscal-year-to-date column), via the Treasury Fiscal Data API. The groupings are listed in each field's derivation; summing the published lines in those groups reproduces each row to the nearest $0.1 billion.

  • Outlays are net outlays by budget function, as Treasury reports them: offsetting receipts (such as Medicare premiums) are already subtracted, and 'Everything else' includes the negative 'Undistributed offsetting receipts' line (-$150.2 billion) and Commerce and Housing Credit (-$28.6 billion).
  • 'Borrowing (the deficit)' is total outlays minus total receipts. Treasury covers the deficit mainly by borrowing from the public; the actual change in debt also reflects cash-balance and other financing changes, so it differs from the deficit.
  • 'Medicaid and other health' is the Health budget function (550), which is mostly Medicaid but also includes ACA subsidies, NIH and other health programs.
  • Figures are from the September 2025 Monthly Treasury Statement and can be revised slightly in the final year-end report.

Publications using this dataset

Version details

The exact citing versions, and the version of this dataset each cites.

  • Chart us-federal-dollar-flow-fy2025 — version 1 (published) cites version 1

Node: dataset:us-federal-money-flow-fy2025:1:analysis:money-flow-fy2025