February 10, 2026—The U.S. budget deficit is on track to top $2 trillion this year. In the first four months of fiscal year 2026, which started on October 1, 2025, the federal government ran a deficit of $696 billion.
Revenues increased by 12 percent with higher receipts coming into the government from individual taxes and tariffs. The customs duties saw an increase of $90 billion, four times the amount the government received in 2025. Individual income taxes are projected to reach $925 billion in FY2026.
Government spending held steady in the first four months at $2.4 trillion. The largest expenditures in the first four months were: Social Security ($538 billion), Medicare ($402 billion), net interest on the debt ($351 billion), and defense ($324 billion).
The data comes from the Congressional Budget Office’s Monthly Budget Review: https://www.cbo.gov/system/files/2026-02/61977-MBR.pdf
