US budget deficit nears 2 trillion in 2026

The U.S. federal budget has experienced significant expansion, with projections indicating that the deficit will reach around two trillion dollars in the 2026 fiscal year, reflecting a notable increase in the government's borrowing needs and placing the country on a path of record-breaking debt. During the fiscal year ending in September, the deficit amounted to $1.99 trillion, an increase of 12% from the previous year, which was $1.78 trillion. This expansion is mainly attributed to the government's response to tariffs, with the Treasury Secretary stating that the revenue collected from tariffs was a major factor in the widening deficit, especially after the Supreme Court struck down previous tariff increases imposed by Trump. The administration is also working on building a new tariff wall through additional legislation.

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