U.S. Budget Deficit Nears $2 Trillion, Challenging Trump’s Cost Cutting

Summary

The U.S. budget deficit is nearing $2 trillion, according to The New York Times. The newspaper reports that higher interest rates are raising borrowing costs as the Trump administration spends on the Iran war and tariff refunds.

Timeline

1. The New York Times

   16 Oct 2026, 18:21 UTCSource ↗

   The New York Times reports that the U.S. budget deficit is nearing $2 trillion, with higher interest rates raising borrowing costs and Trump administration spending on the Iran war and tariff refunds.

2. The New York Times

   16 Oct 2026, 18:28 UTCSource ↗

   The New York Times reports that the U.S. budget deficit is nearing $2 trillion, with higher interest rates raising borrowing costs and Trump administration spending on the Iran war and tariff refunds.