News

Business

On HALO

2 weeks ago

National debt interest and entitlement spending push FY2026 federal budget deficit toward $2 trillion

This year's federal budget deficit is now outpacing last year's as federal spending is growing at a faster rate than tax revenue, pushing the annual shortfall closer to $2 trillion.The nonpartisan Congressional Budget Office (CBO) on Thursday released its monthly budget review for the month of June, which showed the FY2026 deficit was $1.373 trillion through the first nine months of the fiscal year.That represents a $35 billion increase in the budget deficit compared with the same period a year ago. The larger deficit was the result of a larger increase in federal spending, which is up $178 bi...