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2 weeks ago

Federal budget deficit projected to hit $2 trillion this fiscal year, ranking among largest in US history

The federal government is projected to run a budget deficit of at least $2 trillion this fiscal year, according to an estimate by the Treasury Department and bond market participants.Earlier this month, the Treasury released its quarterly refunding documents for the second quarter of the calendar year, which included estimates of needed borrowing over the next two quarters of fiscal year 2026 as of April.It showed that the White House is anticipating a roughly $2.1 trillion deficit in FY2026 based on the president's budget, while participants in the bond market expect the deficit to be about $...