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Federal budget deficit projected to reach $2.1 trillion in FY2026
The Big Money Show co-host Dagen McDowell discusses the deeply flawed memorandum regarding Iran, highlighting how the American people are unwilling to bear increased fuel costs for regime change.
The federal budget deficit is now expected to surpass $2 trillion this fiscal year, which would be one of the largest shortfalls on record as spending growth continues to outpace tax receipts.
The nonpartisan Congressional Budget Office (CBO) on Monday released its monthly budget update for July, which showed the federal government ran a nearly $1.8 trillion deficit through the first 10 months of fiscal year 2026, which runs through the end of September.
That figure represents an increase of $169 billion when compared with the same 10-month period in fiscal year 2025. Federal spending increased $308 billion from a year ago, outpacing the $139 billion rise in tax receipts.
CBO also noted it now estimates the budget deficit will rise to $2.1 trillion, up $200 billion from last fiscal year, for the full fiscal year 2026 based on information available through the end of July.
US NATIONAL DEBT SURPASSES SIZE OF THE ECONOMY FOR FIRST TIME SINCE WORLD WAR II
The federal government is on pace to run a $2.1 trillion budget deficit this year as fiscal year 2026 nears its end. (Kevin Carter/Getty Images)
“CBO expects 2026 outlays to be close to the February baseline amounts. Revenues, by contrast, are anticipated to be about $200 billion below the February projections, mostly because of smaller-than-expected collections of tariff duties – a result of a Supreme Court ruling handed down after CBO’s baseline was released,” the agency wrote.
Increased spending was primarily driven by the cost of servicing the federal government’s more than $39 trillion national debt, as well as rising expenses for the government’s three largest mandatory spending programs – Social Security, Medicare and Medicaid.
Costs related to paying interest on the debt were up $117 billion, or 14%, in the first 10 months of fiscal year 2026 compared with the same period a year ago. The rise was attributed to higher long-term interest rates, as well as the larger national debt.
Spending on Social Security benefits rose $70 billion, or 5%, from a year ago due to higher average benefits following inflation adjustments and an increase in the number of beneficiaries.
Medicare costs increased $66 billion, or 8%, from a year ago due to increased enrollment and higher payment rates for healthcare services. Medicaid spending was up $45 billion, or 8%, because of rising costs per enrollee.
Tax revenue from both payroll and taxes rose by a combined $202 billion, or 5%, compared with a year ago. Withholdings from workers’ paychecks were up $141 billion, or 5%, amid rising wages and salaries. Tax refunds paid to individuals rose $23 billion, or 7%, due to provisions in the One Big Beautiful Bill Act (OBBBA).
WHAT ARE THE BIGGEST BUDGET DEFICITS IN US HISTORY?
The One Big Beautiful Bill Act was passed by Republicans and signed into law by President Donald Trump last year, which affected notable tax policies. (Tom Brenner For The Washington Post via Getty Images)
Corporate income tax collections were down $89 billion, or 23%, due to provisions in the OBBBA that expanded deductions for investments and resulted in fewer tax receipts.
Collections of customs duties including tariffs increased $18 billion, or 13%, compared with the same period a year ago.
Through April, monthly collections were higher than they were a year ago, but net collections have declined sharply since May when the government began paying out tariff refunds under a Supreme Court ruling from February. CBO noted that about $100 billion in tariff refunds have been issued to date.
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Maya MacGuineas, president of the nonpartisan Committee for a Responsible Federal Budget (CRFB), said in a statement that federal borrowing has grown to an “astounding” level and that a deficit on track to surpass $2 trillion when the economy isn’t in a recession “is not normal.”
“Incredibly, such an enormous level of borrowing barely scratches the surface of our fiscal deterioration,” she explained. “We are about to hit the sobering milestone of $40 trillion in gross national debt, and things are only likely to get worse.”
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“If lawmakers want to correct our fiscal course, they should start by targeting a reasonable fiscal goal, like 3% of GDP deficits, and then create a bipartisan commission to figure out how we should get there. We can no longer afford to put off the difficult decisions – the time to act is now,” MacGuineas added.
Koh Tao in Surat Thani exemplifies the balance between tourism and marine conservation by using retired naval ships as artificial reefs. This initiative enhances underwater ecosystems and supports sustainable tourism practices, showcasing how environmental preservation can coincide with economic growth in the tourism sector.
Koh Tao, a renowned Thai island paradise, has recently enhanced its allure for diving enthusiasts by transforming sunken warships into captivating dive sites. These underwater attractions not only boost the island’s tourism but also contribute to marine conservation efforts. By repurposing decommissioned naval vessels, Koh Tao creates new habitats for marine life, allowing coral and other organisms to flourish.
This innovative project offers divers a unique opportunity to explore well-preserved pieces of history while experiencing vibrant underwater ecosystems. The sunken warships, strategically placed, serve as artificial reefs teeming with diverse marine species, providing both novice and experienced divers with unforgettable adventures. These sites are meticulously mapped, ensuring safe and enjoyable exploration for all visitors.
The initiative is also a testament to Koh Tao’s commitment to sustainable tourism and ecological restoration. Local authorities, in collaboration with diving centers, ensure that these sites are maintained responsibly, minimizing impact on existing marine habitats. As a result, Koh Tao continues to stand out as a premier diving destination, blending historical intrigue with natural beauty, and fostering a deeper appreciation for marine conservation.
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An expansion proposal by the airport’s owners would enable it to accommodate 150m passengers per year. Heathrow said “the case for expansion has never been clearer”.
In a statement, it added: “Our plans will ensure the country gets the infrastructure it needs to stay competitive and will deliver all-important economic growth.”
The airport recorded 84.46 million passengers in 2025 and said 19 July was its busiest day of the year so far as many schools broke up for summer, with 267,000 passengers passing through.
It added that several new airlines began serving the airport last month, which demonstrates “clear demand for access to Heathrow”.
Last month, it was revealed Heathrow will be allowed to charge airlines more for its services to recover money spent on the early stages of its third runway project.
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As the Dow Jones Industrial Average and other stock indexes were mixed during Tuesday’s session, Nvidia (NVDA), Amazon (AMZN), Avnet (AVT) and Okta (OKTA) were among the names to watch. With the S&P 500 and Nasdaq composite rallying in recent sessions, traders who use Investor’s Business Daily’s IBD Methodology should be putting some capital to work, identifying top-performing growth stocks.…
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Second-quarter volume declines in the US Coffee business.
Company Participants
Flora Wood – VP of Investor Relations & Sustainability and Corporate Secretary
Stephanie Hussey – Chief Financial Officer
Brian Dalton – Co-Founder, CEO & Director
Ernie Ortiz Ortega – Co-Founder, President, CEO & Director
Conference Call Participants
Shane Nagle – National Bank Financial, Inc., Research Division
Gabriel Chu
MacMurray Whale – ATB Cormark Capital Markets Inc., Research Division
Presentation
Operator
Good morning, ladies and gentlemen, and welcome to the Altius Q2 2026 Financial Results Conference Call.
[Operator Instructions] This call is being recorded on Tuesday, August 11, 2026.
I would now like to turn the conference over to Flora Wood, VP of Investor Relations. Please go ahead.
Flora Wood
VP of Investor Relations & Sustainability and Corporate Secretary
Thank you, Vincent. Good morning, everyone, and welcome to our Q2 2026 conference call.
Our press release and interim filings came out yesterday after the close and are available on our website. This event is being webcast live, and you’ll be able to access a replay of the call along with the presentation slides that have been added both to the home page in the Investors section of our website at altiusminerals.com.
Brian Dalton, CEO; and Stephanie Hussey, CFO, will speak on the call; and Ernie Ortiz, VP Corp Dev and Head of Lithium is also here as a resource for us in the Q&A.
The forward-looking statement on Slide 2 applies to everything we say both in our formal remarks and during the Q&A session. And with that, Stephanie is up first to take us through the numbers.
Stephanie Hussey
Chief Financial Officer
Thank you, Flora, and good morning, everybody.
Yesterday, we reported Q2 net earnings of CAD 8.6 million or CAD 0.16 per share, reflecting higher revenues and higher
Cambridge United’s director of football says the cost of property in the city is “an issue” when it comes to attracting players.
Mark Bonner made the comment at a fans’ forum ahead of the new season.
He was responding to a question about whether the cost of living in Cambridge, one of the most expensive places to live outside London, put off some potential new signings.
The U’s kick-off their League One campaign on Saturday when they host Wigan at the Cledara Abbey Stadium.
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A Target logo is displayed on a sign outside of a department store on March 23, 2026 in San Diego, CA.
Kevin Carter | Getty Images News | Getty Images
Target announced it has appointed its first ever chief artificial intelligence officer on Tuesday in the retailer’s latest bet to capitalize on the AI boom.
The company named Chandhu Nair as its chief AI officer and senior vice president and also announced Purvi Shah as the company’s senior vice president of user experience.
“The most meaningful AI stories won’t be about what happens in a lab,” Nair said in a statement. “They’ll be about what happens on the front line – how we make shopping easier for a guest, give a team member a better tool, make a business decision with more confidence or bring a new idea to market faster.”
Nair previously worked at home improvement retailer Lowe’s as the company’s senior vice president of stores, data, AI and innovation. He has also held roles at Staples and Gap.
In his statement, Nair said he’s focused on a “more coordinated approach” to AI for Target, including improving how the retailer manages inventory or enabling faster decisions.
As it looks to win back shoppers and investors, the company has been investing in generative AI, including a tool called Target Trend Brain, which helps the retailer get ahead of trends and identify the styles, colors and materials that customers will be searching for. And last holiday season, Target launched a new conversational AI program to help customers find the right gift for the people on their shopping lists.
The Tuesday announcement comes as many major retailers have been racing to keep up with the AI boom and integrate it into their business strategies.
Target’s rival Walmart has been rolling out AI tools and agents across its stores and supply chains to enhance the customer experience and make its internal employee processes more efficient. Gap announced a partnership with Google‘s Gemini earlier this year, and Best Buy has collaborations in place with OpenAI and Google.
Retail company executives have been sizing up the AI transition and how it will evolve in the coming years. Former Walmart CEO Douglas McMillon told CNBC’s “Squawk Box” in December that he decided to hand over the reins of the global retailer to someone “faster” who could tap into the ways AI could accelerate the business. John Furner took over the post from McMillon in February.
“About a year ago, I really started feeling like this next run, you could see what agentic commerce was going to look like, the vision for AI shopping, and I started thinking about everything that needs to happen over the next few years, and it really caused me to think that now was the right time [to step down],” McMillon said at the time.
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