U.S. Budget Deficit Reaches $1.99T
The U.S. budget deficit increased to approximately $2 trillion in the 2026 fiscal year, reaching its highest level since 2021, despite President Donald Trump's promises to cut spending and reduce the deficit. The rise in the deficit is mainly due to an increase in interest payments on the national debt, which amounted to $144 billion, bringing total interest payments to $1.36 trillion, as well as a decline in tariff revenue resulting from a court ruling that canceled certain tariffs, with tariff refunds reaching $145 billion. Although revenues grew by 3% to $5.40 trillion, spending increased by 6% to $7.40 trillion.
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