Updated: 10-Apr-26 14:32 ET
| March Treasury Budget |
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| Updated: 10-Apr-26 14:32 ET |
Highlights
- The Treasury Department reported a $164.1 billion deficit for March (Briefing.com consensus -$160.0 bln), which was a bit wider than the $160.5 billion deficit reported for March 2025.
- Receipts totaled $385.0 billion, while outlays reached $549.0 billion.
Key Factors
- Individual Income Taxes ($189 billion) were the largest source of receipts in March, followed by Social Insurance & Retirement ($152 billion).
- Customs duties brought in $22 billion, bringing the fiscal year-to-date total to $166 billion.
- The largest outlays by function were Social Security ($139 billion), Net Interest ($94 billion) Health ($90 billion), and National Defense ($69 billion).
- The fiscal year-to-date deficit is $1.169 trillion versus $1.564 trillion in the same period a year ago.
- The budget deficit over the last 12 months is $1.633 trillion.
Big Picture
- The key takeaway from the report is that net interest costs hit nearly $100 billion in March, trailing only Social Security payments as the government's largest outlay.
| Category | MAR | FEB | JAN | DEC | NOV |
| Deficit (-)/Surplus | -$164.1B | -$307.5B | -$94.6B | -$144.7B | -$173.3B |
| Deficit (-)/Surplus Fiscal YTD | -$1168.6B | -$1004.5B | -$697.0B | -$602.3B | -$457.7B |
| Deficit (-)/Surplus over last 12 months | -$1636.9B | -$1633.2B | -$1632.8B | -$1666.8B | -$1609.0B |