The Congressional Budget Office (CBO), in its latest budget review, now estimates the fiscal year 2026 federal budget deficit reached $1.4 trillion, up from the $1,2 trillion estimate released in its report for May. (Monthly Budget Review: June 2026)
Total receipts for the fiscal year hit $4.151 trillion, an increase of $142 billion compared to last year. Outlays grew to $5.523 trillion, an increase of $178 billion. “Collections of individual income and payroll taxes were larger than a year ago, and changes in tariff rates led to a net increase in collections of customs duties this year,” CBO noted.
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