Budget deficit hits $1 trillion in first five months of fiscal year: CBO

The federal budget deficit topped $1 trillion in the first five months of fiscal year 2026, as the U.S. government is on pace to record another massive deficit.

The nonpartisan Congressional Budget Office (CBO) reported that the federal budget deficit was just over $1 trillion through five months of fiscal year 2026, with the size of the deficit down $142 billion or 14% when compared with the same period in fiscal year 2025.

CBO noted that federal spending was just over $3.1 trillion in the first five months of fiscal year 2026...