Part 1
The FY2025 spending map
Where each federal dollar went, mandatory versus discretionary spending, and the category by category trends from Social Security and health programs to defense and net interest.
Client briefing | October 2026
Where the Federal Dollar Goes
U.S. federal spending in FY2025: composition, trends, and the outlook.
The federal government spent $7.01 trillion in fiscal year 2025 and collected $5.23 trillion, leaving a $1.78 trillion deficit. Social Security and Medicare alone exceeded one third of all spending, and net interest reached roughly $970 billion. This briefing maps where the money goes, the pressure points ahead, three paths to fiscal balance and what each path means for investors.
The federal budget at a glance, FY2025
$7.01TSpent
23.1% of GDP
23.1% of GDP
$5.23TCollected
17.2% of GDP
17.2% of GDP
$1.78TBorrowed
5.8% of GDP
5.8% of GDP
$970BPaid in net interest
more than all defense spending ($893B)
more than all defense spending ($893B)
Sources: CBO, The Federal Budget in Fiscal Year 2025 (March 2026); U.S. Treasury, Final Monthly Treasury Statement, FY2025.
Inside the briefing
Part 2
The trend line and the paths to fiscal balance
Twelve years of receipts against spending, the pressure points and deadlines ahead, and three illustrative paths to fiscal balance.
Part 3
What the fiscal paths mean for investors
What each path could mean for bonds, equities and real assets, the signposts worth watching, and an investor playbook.
Talk it through with Rick
If you would like to talk through what these fiscal paths mean for your own plan, schedule a free 20 minute introductory call with Rick Hadrava, Partner and Senior Wealth Advisor.
Book a free 20 minute callUniting Wealth Partners | 6303 Waterford Blvd., Suite 125, Oklahoma City, OK 73118 | 405-531-3482