India, Aug. 11 -- The US federal budget deficit is on track to cross $2 trillion in fiscal year 2026, making it one of the biggest shortfalls ever recorded. The deficit is growing because federal spending is rising faster than the government's tax revenue, putting more pressure on the US government's finances.

The nonpartisan Congressional Budget Office (CBO) said the federal government had already recorded a deficit of nearly $1.8 trillion during the first 10 months of fiscal year 2026, according to Fox Business. The fiscal year ends on September 30. The nearly $1.8 trillion deficit is $169 billion higher than the deficit recorded during the same 10-month period in fiscal year 2025.

During the period, federal spending increased by $308...