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U.S. Budget Gap Reaches 2026 Level
According to data from the U.S. Treasury Department, the United States' budget deficit for 2026 reached $1.99 trillion, marking an increase of $217 billion from the previous year and the highest in the past five years. This was driven by record-level spending, including a public debt service that exceeded $40 trillion, and a decline in customs revenue following the elimination of a significant portion of tariffs. Additionally, fiscal year expenses rose to $7.40 trillion, with debt service costs increasing by 12% to $1.36 trillion. Meanwhile, the country's revenues hit a record high of $5.40 trillion. The Treasury Department estimates that the deficit as a percentage of gross domestic product (GDP) stood at 6.2%, up from 5.8% the year before. This deficit is the largest since 2021 and approaches levels seen during previous financial crises.
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