**US Deficit Hits $1.992 Trillion**

The US budget deficit reached **$1.992 trillion** in fiscal 2026, up **12%** from $1.775 trillion in 2025. It was the 3rd largest in US history, at about 6.2% of GDP, and the **25th straight year in the red**. The last surplus was in 2001.

Revenue and spending both hit records at **$5.403 trillion** and **$7.396 trillion**. Social Security cost nearly $1.7 trillion, Medicare almost $1.1 trillion, and **net interest topped $1 trillion**, up from $970 billion last year.

Tariffs did not close the gap. After the Supreme Court struck them down in February, $144.6 billion in refunds nearly halved $317.8 billion in gross customs receipts. Gross national debt is now above **$40.3 trillion**. A near $2 trillion deficit outside a recession keeps the **10-year Treasury yield above 5%**, while bond supply pressure also weighs on **high-multiple AI names**.

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