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U.S. Deficit Surpasses $1 Trillion Amid Rising Spending

3/12/2026

29 2 Full Breakdown

Summary

Story summary

U.S. federal budget deficit topped $1 trillion in five months of FY 2026, down 14% from 2025.
Spending rose to over $3.1 trillion, with tax revenue up 11% to $2.1 trillion.
Tariff collections surged 308%, totaling $144 billion, despite refunds from a Supreme Court ruling.
Spending on Social Security and Medicare rose, adding to fiscal pressure.
Interest payments on the national debt reached $433 billion, reflecting higher rates.

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Story summary

U.S. federal budget deficit topped $1 trillion in five months of FY 2026, down 14% from 2025.
Spending rose to over $3.1 trillion, with tax revenue up 11% to $2.1 trillion.
Tariff collections surged 308%, totaling $144 billion, despite refunds from a Supreme Court ruling.
Spending on Social Security and Medicare rose, adding to fiscal pressure.
Interest payments on the national debt reached $433 billion, reflecting higher rates.