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US annual budget gap hits nearly USD2trn, largest in 5 years
WASHINGTON: The US budget deficit rose by USD217 billion to nearly USD2 trillion in the 2026 fiscal year, fuelled in part by tariff refunds and record spending to service the nation’s more than USD40 trillion in debt, marking the largest budget shortfall in five years, Treasury Department figures showed on Friday. Continued increases in spending for social benefits programs like Social Security and Medicare and a USD48 billion jump in defence spending also factored into the increase. The USD1.99 trillion deficit for the year ended September 30, the first full budget year of President Donald Tr...
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