国会预算办公室-月度预算审查：2025年5月（英）

The amounts shown in this report include the surplus or deficit in the Social Security trust funds and the net cash flow of the Postal Service, which are off-budget. Numbers may not sum to totals because of rounding. The federal budget deficit totaled $1.4 trillion in the first eight months of fiscal year 2025, the Congressional Budget Office estimates. That amount is $160 billion more than the deficit recorded during the same period last fiscal year. Revenues increased by $196 billion (or 6 percent), and outlays rose by $357 billion (or 8 percent). Table 1. Budget Totals, October–May Billions of Dollars Estimated Change With Adjustments for Timing Shifts in Outlaysa Actual, FY 2024 Preliminary, FY 2025 Estimated Change Billions of Dollars Percent Receipts 3,288 3,484 196 196 6 Outlays 4,490 4,847 357 280 6 Deficit (−) −1,202 −1,363 −160 −84 7 Data sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for April 2025 and the Daily Treasury Statements for May 2025. FY = fiscal year. a. Adjusted amounts exclude the effects of shifting payments that otherwise would have been made on a weekend or a holiday. The change in the deficit was influenced by the timing of outlays. Fiscal year 2024 outlays were reduced because payments that were due on October 1, 2023, a Sunday, were shifted into the prior fiscal year. (Those payments were made in September 2023.) Outlays in both fiscal years increased because payments due on June 1, 2024, and June 1, 2025, which also fell on weekends, were paid in May of those years. If not for those shifts, the deficit so far this fiscal year would have been $84 billion (or 7 percent) more than the shortfall at this point last year. Monthly Budget Review: May 2025 June 9, 2025 MONTHLY BUDGET REVIEW FOR MAY 2025 JUNE 9, 2025 2 Federal Debt and the Statutory Limit The statutory debt limit was reinstated on January 2, 2025, and set at $36.1 trillion, matching the amount of total debt that was outstanding on the prior day. On January 21, 2025, the Department of the Treasury announced a “debt issuance suspension period” and began taking “extraordinary measures” to continue financing government operations without breaching the debt limit. CBO now estimates that if the debt limit remains unchanged, the government’s ability to borrow using extraordinary measures would probably be exhausted between mid-August and the end of September 2025. That estimated range begins about two weeks later than the agency estimated in March 2025.1 The three additional months of actual revenues and outlays, which were consistent with expectations, reduced the potential for those measures to be exhausted early in August. Total Receipts: Up by 6 Percent in Fiscal Year 2025 Receipts totaled $3.5 trillion during the first eight months of fiscal year 2025, CBO estimates—$196 billion (or 6 percent) more than during the same period a year ago. Receipts had been boo