The deficit spending crisis is in full-swing.
The US Treasury's budget deficit fell -$23 billion YoY, or -7% in May, to $293 billion.
However, adjusted for the timing of certain government payments that shifted between months, the May deficit would have been +$74 billion larger than a year ago.
In the first 8 months of the FY2026, the US deficit hit $1.25 trillion, the 3rd-highest in history.
This is only below the $1.37 trillion recorded over the same period in FY2025 and the $2.06 trillion seen during the 2021 pandemic recovery.
Meanwhile, net interest rose +$59 billion YoY, or +8% in the first 8 months of the FY2026, to a record $723 billion, tracking as the 2nd-largest government outlay only behind Social Security.
There is no long-term plan here.
