Federal budget deficit reached $1 trillion in five months through February 2026 as tax revenue jumped $206 billion due to higher income tax and tariff collections, CBO data shows.

The state of Iowa’s spending is once again expected to exceed its revenue by about $1 billion in the next fiscal year as revenue declines due to state and federal tax cuts.

The budget deficit narrowed in February at a slower pace than the previous month as US tariff revenue started to slow from the peak rate hit late last year.

"We knew, taking this job, that we were going to walk into a situation where we would have to tighten our belts, but the reality is much worse than we thought." ...

Federal outlays grew nearly as much, from $6.735 trillion in 2024 to $7.01 trillion in 2025. The main drivers were an additional $294 billion spent on Medicaid, Medicare, and Social Security. Last ...

WASHINGTON, DC - APRIL 10: U.S. Sen. Jeff Merkley (D-OR) speaks to reporters during a news conference on the impacts of the Republican budget proposal at the U.S. Capitol on April 10, 2025 in ...

Idaho’s state budget is projected to end the current fiscal year 2026 with a deficit of $40.3 million, according to the last major revenue report that the state is expected to release before the ...

Investors are growing uneasy about the potential cost of the Iran war, sending long-term government bonds lower amid concerns over how the conflict will add to pressures on budget deficits.

The Legislative Analyst’s Office, a nonpartisan government agency, released a critical response Monday to the governor’s budget plans. Newsom’s initial plan calls for $348.9 billion in state spending ...