Federal budget deficit on track to surpass $2T this fiscal year as spending outpaces revenue
The federal budget deficit is now expected to surpass $2 trillion this fiscal year, which would be one of the largest shortfalls on record as spending growth continues to outpace tax receipts.The nonpartisan Congressional Budget Office (CBO) on Monday released its monthly budget update for July, which showed the federal government ran a nearly $1.8 trillion deficit through the first 10 months of fiscal year 2026, which runs through the […]
