The US budget and debt: deficit, interest, maturities and holders
The US budget deficit by month, revenue and spending line by line, the federal debt, its interest, when it falls due and who holds it, from the US Treasury's data.
- The deficit is $217.1bn larger than last year: The whole fiscal year 2026: a balance of −$1.99tn against −$1.78tn. Revenue $5.40tn (+3.2%), spending $7.40tn (+5.5%).
- Interest on the debt is 14.2% of spending: Net interest $1.05tn, last year $970.4bn (+8.4%). That is 19.5% of revenue. Defense: $965.2bn.
- The debt rose $2.16tn in a year: That is $6.3bn a day. Held by the public $32.76tn, in government accounts $7.79tn. Debt to GDP 121.2%.
- 34.2% of marketable debt falls due within 12 months: $10.92tn of $31.89tn at Oct 31, 2026. The average rate on all the debt is 3.58%, a year ago 3.35%.
- Customs duties are 3.2% of revenue: Collected $173.2bn, last year $194.9bn (−11.1%).
- The largest foreign holder: Japan: Japan $1.07tn (−$115.6bn on the year), United Kingdom $1.01tn (+$108.2bn). All foreign holders $9.36tn, the Fed $4.78tn.
Revenue
| Line | This year | Last year |
|---|---|---|
| Individual income taxes | $2.85tn | $2.66tn |
| Payroll taxes | $1.75tn | $1.69tn |
| Corporate income taxes | $381.4bn | $452.1bn |
| Customs duties | $173.2bn | $194.9bn |
| Excise taxes | $106.0bn | $105.9bn |
| Unemployment insurance | $49.1bn | $54.0bn |
| Miscellaneous | $46.7bn | $47.9bn |
| Estate and gift taxes | $38.7bn | $29.5bn |
| Other retirement | $8.4bn | $8.6bn |
Spending
| Line | This year | Last year |
|---|---|---|
| Social Security | $1.67tn | $1.58tn |
| Medicare | $1.07tn | $996.7bn |
| Net interest | $1.05tn | $970.4bn |
| Health (Medicaid and others) | $1.03tn | $978.9bn |
| National defense | $965.2bn | $916.6bn |
| Income security | $694.2bn | $701.6bn |
| Veterans | $416.2bn | $377.2bn |
| Transportation | $142.9bn | $145.8bn |
| Justice | $109.9bn | $85.2bn |
| Education and employment | $107.6bn | $69.2bn |
| Community development | $62.4bn | $84.5bn |
| Environment | $57.1bn | $88.3bn |
| Agriculture | $52.6bn | $49.3bn |
| International affairs | $48.0bn | $45.2bn |
| Science and space | $39.9bn | $42.1bn |
| General government | $32.3bn | $36.3bn |
| Energy | $21.0bn | $20.9bn |
| Commerce and housing | −$15.5bn | −$28.6bn |
| Offsetting receipts | −$155.0bn | −$150.2bn |
When the debt falls due
| Year | Amount |
|---|---|
| 2026 | $4.79tn |
| 2027 | $6.72tn |
| 2028 | $3.74tn |
| 2029 | $2.66tn |
| 2030 | $2.06tn |
| 2031 | $2.03tn |
| 2032 | $1.20tn |
| 2033 | $1.01tn |
| 2034 | $635.0bn |
| 2035 | $675.7bn |
| 2036 | $538.9bn |
| 2037 | $38.0bn |
Who holds the debt
| Country | Holds |
|---|---|
| Japan | $1.07tn |
| United Kingdom | $1.01tn |
| China | $590.7bn |
| Belgium | $490.5bn |
| Canada | $464.6bn |
| Cayman Islands | $463.0bn |
| Luxembourg | $448.2bn |
| France | $363.4bn |
| Ireland | $352.1bn |
| Taiwan | $298.4bn |
Questions
What is the US budget deficit?
The whole fiscal year 2026: a balance of −$1.99tn, revenue $5.40tn, spending $7.40tn.
How large is the US debt?
At Nov 6, 2026: $40.55tn, of which held by the public $32.76tn.
How much does the US pay in interest?
Net interest of $1.05tn, 14.2% of spending.
Who holds US Treasuries?
The largest foreign holders: Japan $1.07tn, United Kingdom $1.01tn, China $590.7bn.
When does the US fiscal year start?
On October 1. Fiscal 2026 ran from October 2025 to September 2026.