Mumbai, Oct. 19 -- The United States budget deficit stood at nearly $2 trillion for the 2026 fiscal year, the Treasury Department reported on Friday, marking the 25th consecutive fiscal year with a budget deficit.
The $1.99 trillion budget figure marked an increase of approximately 12% from the $1.77 trillion deficit recorded in the previous fiscal year. According to the statement, Social Security accounted for the largest share of government spending, totaling $1.7 trillion, followed by Medicare expenditures of $1.1 trillion. Net interest came in at over $1 trillion for the year, rising from $970 billion recorded last year.
Meanwhile, individual income taxes generated $2.88 trillion in revenue during fiscal 2026, while corporate income t...