Federal budget deficit reached $1 trillion in five months through February 2026 as tax revenue jumped $206 billion due to higher income tax and tariff collections, CBO data shows.

For the fiscal year to date, the deficit totaled $1.004 trillion, about 12% lower than the comparable period in 2025.

The budget deficit narrowed in February at a slower pace than the previous month as US tariff revenue started to slow from the peak rate hit late last year.

The problem is not that the government collects too little. The problem is that the government spends too much.

Investors are growing uneasy about the potential cost of the Iran war, sending long-term government bonds lower amid concerns over how the conflict will add to pressures on budget deficits.

The Congressional Budget Office expects the U.S. federal deficit to rise more over the coming years than previously expected, a release by the agency showed Wednesday.

Governor Mikie Sherrill says spending cuts will be needed to prevent a growing deficit that could wipe out state reserves within two years. Trenton, NJ – New Jersey could face a structural budget ...

FROM THE MAYOR TODAY AND TELLS US NOW WHAT HAPPENS NEXT. PITTSBURGH MAYOR COREY O’CONNOR SAYS THE CITY IS FACING A BUDGET DEFICIT OF UP TO $40 MILLION. THIS AFTER THE CITY JUST RAISED TAXES BY 20% IN ...

Pittsburgh Mayor Corey O’Connor says the city is in more financial trouble than he previously thought — but he doesn’t plan ...