US deficit hits $1.992 trillion in 2026, 25 years straight
The US government's budget deficit just hit $1.992 trillion for 2026, a jump of 12% from last year, and the third-largest ever recorded.
The country hasn't seen a surplus since 2001, so this marks 25 years straight of spending more than it brings in.
Top spending: Social Security, Medicare, interest
Most of the money went to Social Security ($1.7 trillion), Medicare ($1.1 trillion), and paying interest on debt (over $1 trillion).
Even though people paid more in income taxes this year, corporate tax revenue dropped thanks to new tax policies.
Customs duties reached new highs but took a hit from court-ordered refunds.
Treasury Secretary Scott Bessent says growing the economy is key to handling all this debt, while President Trump's tariffs are still bringing in revenue despite ongoing legal battles.