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FrontRow · Aug 12, 2026

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The U.S. budget deficit soared to its highest monthly level in more than five years amid a surge in Medicare costs and as interest on the federal debt continued to weigh on the nation’s fiscal picture, the Treasury Department reported Wednesday. In addition to the big single-month jump, the collective red ink across the first 10 months of the government’s fiscal year rose to nearly $1.8 trillion and surpassed the same period in 2025. The July shortfall totaled $432.3 billion, up some 48% from the same period a year ago and the largest monthly deficit since March 2021.

The U.S. budget deficit soared to its highest monthly level in more than five years amid a surge in Medicare costs and as interest on the federal debt continued to weigh on the nation’s fiscal picture, the Treasury Department reported Wednesday. In addition to the big single-month jump, the collective red ink across the first 10 months of the government’s fiscal year rose to nearly $1.8 trillion and surpassed the same period in 2025. The July shortfall totaled $432.3 billion, up some 48% from the same period a year ago and the largest monthly deficit since March 2021.

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