Waste Of The Day: Federal Deficit Could Surpass $2 Trillion

The federal deficit will be $2.1 trillion when fiscal year 2026 ends on Sept. 30, the Congressional Budget Office projected in its monthly budget review.The deficit - the gap between what the government spends and what it collects from taxes and other revenue - has never surpassed $1.8 trillion, except during the Covid-19 pandemic.Key facts: Federal revenues are up 3% in 2026 compared to last year. Even though corporate income tax revenue has declined, income and payroll tax collections increased.But federal spending is up 5%, according to the CBO. Interest on the national debt increased 14% compared to last year....