The U.S. finished fiscal year 2026 with a budget deficit of nearly $2 trillion, a 12% increase from the prior year’s $1.775 trillion. This marks the third-highest annual deficit in U.S. history, behind only 2020 and 2021. Social Security (nearly $1.7 trillion), Medicare (almost $1.1 trillion), and net interest (over $1 trillion) were the largest spending categories. The country’s total debt exceeded $40 trillion earlier this year, more than doubling over the past decade, with interest payments alone surpassing $1.3 trillion.
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