The US budget deficit for fiscal 2026 rose to $1.99 trillion, driven by increased tariff refunds and spending. Total spending for the year reached a record $7.40 trillion, while total receipts were $5.40 trillion. Net tariff receipts fell significantly, contributing to the deficit increase as refunds reached $145 billion. The debt-service outlays recorded a new high of $1.36 trillion during this fiscal year.