The federal government’s annual budget deficit reached $2 trillion after the first 11 months of fiscal year 2026, the nonpartisan Congressional Budget Office (CBO) reported.

The CBO’s monthly budget update for August noted that the 11-month deficit total was $6 billion lower than the same period last year, though it explained that the difference was caused by shifts in the timing of certain payments around Labor Day in 2025 and that the current deficit would’ve been $82 billion more than last year’s shortfall if not for those shifts.

Federal spending has risen by $147 billion, or 2%, compared with last year, though CBO noted that figure would…

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