U.S. Fiscal 2026 Deficit Reaches $1.992 Trillion, Up 12%

The U.S. closed fiscal 2026 with a $1.992 trillion federal deficit, 12% above the prior year, extending a 25-year run of shortfalls as borrowing costs climbed. Fiscal 2026 ended Sept. 30. The deficit rose from $1.775 trillion in fiscal 2025, making the latest gap the third largest on record, behind those in 2020 and 2021. The final figure is close to an earlier near-$2 trillion deficit estimate . The United States has recorded deficits in 25 consecutive fiscal years; its last surplus was in 2001. Federal receipts and outlays both set records. Social Security spending approached $1.7 trillion, up from roughly $1.6 trillion in fiscal 2025. Medicare spending reached almost $1.1 trillion, compared with slightly less than $1 trillion a year earlier.

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