Federal budget deficit hits $2T in first 11 months of fiscal year 2026, CBO reports
Higher spending on Social Security, Medicare, Medicaid and debt interest outpaced a 3% rise in tax receipts, the CBO said.
- The Congressional Budget Office reported the federal government's annual budget deficit reached $2 trillion after the first 11 months of fiscal year 2026, reflecting mounting fiscal strain as the year nears conclusion.
- Rising mandatory spending in Social Security, Medicare, and Medicaid drove federal expenditures, while individual income tax receipts rose $189 billion, partially offset by a $96 billion decline in corporate income taxes from 2025 reforms.
- Interest expenses on the national debt increased by $111 billion, or 12%, due to higher long-term interest rates; the Department of Veterans Affairs and Department of Defense each saw spending rise by $41 billion.
- The gross national debt recently hit the sobering milestone of $40 trillion, prompting Maya MacGuineas, president of the nonpartisan Committee for a Responsible Federal Budget, to warn that "such extraordinarily high deficits are just one piece of our fiscal situation that is falling apart."
- MacGuineas urged lawmakers to agree on a plan targeting deficits at 3% of GDP and shore up trust funds, warning that "if not, we risk leaving future generations with damage that can't be undone.
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U.S. Deficit Hits $1.97 Trillion as Interest Costs Top $1 Trillion and Treasury Yields Near 5%
The federal government accumulated a $1.97 trillion deficit through the first 11 months of fiscal 2026 as debt-servicing costs surpassed $1 trillion and long-term Treasury ... The post U.S. Deficit Hits $1.97 Trillion as Interest Costs Top $1 Trillion and Treasury Yields Near 5% first appeared on [your]NEWS.
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Congress Mum on Federal Deficit Hitting $2 Trillion Milestone, Again
(Just The News)—Eleven months into fiscal year 2026, the U.S. government has added $2 trillion to the national debt, borrowing $168 billion during August alone, the Congressional Budget Office estimates. The federal government has collected $4.8 trillion and spent $6.8 trillion, generating a deficit already higher than last year’s with still a month of borrowing […]
Federal budget deficit reaches $2T in first 11 months of fiscal year 2026, CBO reports
The federal government’s annual budget deficit reached $2 trillion after the first 11 months of fiscal year 2026, the nonpartisan Congressional Budget Office (CBO) reported. The CBO’s monthly budget update for August noted that the 11-month deficit total was $6 billion lower than the same period last year, though it explained that the difference was […]
The U.S. Congressional Budget Office revealed that the U.S. federal government had a cumulative budget deficit of nearly $2 trillion during the first 11 months of fiscal year 2026.
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