States With Budget Deficits 2025. State fiscal conditions are continuing to return to a more normal budget environment in which new money is limited and revenue collections. At least seven states are reporting deficits in the current or upcoming fiscal year, including a record $58 billion shortfall through fiscal 2025 in california.
The united states borrowed $255 billion in the first month of fiscal year 2025, according to the latest monthly budget review from the congressional budget office. For example, arizona lawmakers closed a $1.4 billion shortfall largely by cutting state education.