11 August 2026 at 6:16 am
Summary
The Congressional Budget Office (CBO) has projected that the fiscal 2026 budget deficit will reach $2.1 trillion, an increase from earlier forecasts, primarily due to a $200 billion shortfall in tariff revenue. This revenue loss follows a Supreme Court ruling that invalidated the Trump administration's tariff program, leading to significant refunds and a scramble for new tariff regimes.
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