Mind the $2 Trillion Gap

Published on October 29, 2026

With the recent movements in both the stock and bond markets, there was some noteworthy news that got kind of lost. Indeed, the U.S. government posted a $1.99 trillion budget deficit for fiscal year (FY) 2026. While technically it is not a record amount of red-ink, it represented the largest non-COVID-related shortfall ever recorded in modern history.

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