The U.S. Department of the Treasury has released the Monthly Treasury Statement for July 2026. In a new insight, Director of Fiscal Policy Jordan Haring highlights its most notable findings.
Key points:

• The U.S. Department of the Treasury’s July 2026 Monthly Treasury Statement shows the federal budget deficit totaled $1.8 trillion during the first 10 months of fiscal year (FY) 2026 – $170 billion higher than the corresponding period in FY 2025; the FY 2026 cumulative deficit was the net effect of $4.5 trillion of revenue collections and $6.3 trillion of spending.
• On a monthly basis, the budget deficit totaled $432 billion in July 2026 – $141 billion higher than in July 2025; the July 2026 deficit was the net effect of $334 billion of revenue collections and $766 billion of spending.
• Revenue is up by $139 billion in FY 2026, driven largely by higher individual income and payroll tax collections and larger customs duties; spending is up by $309 billion in FY 2026, driven largely by higher entitlement spending and larger interest payments on the national debt.
• The national debt totaled $32.0 trillion at the end of July 2026 – $2.5 trillion higher than the debt at the end of July 2025.

Read the analysis.