Why the U.S. is nearly $2 trillion in the red this year

**SPEAKER_1** (0:00)
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**Kimberly Adams** (0:31)
federal deficits and debt keep piling up for marketplace in los angeles i'm novasafo and for kimberly adams good morning the u.s budget picture for 2026 is looking quite challenging the federal government has already borrowed almost two trillion trillion with the t dollars so far this fiscal year and it's on track to borrow even more before the year is over adding to a ballooning deficit marketplaces nancy marshall ganser looks at what's contributing to the government's shortfall the congressional budget office estimates the federal budget deficit was 1.8 trillion dollars just for the first ten months of the government's fiscal year which ends september 30th maya mcginnis president of the committee for a responsible federal budget says just in july the country borrowed four hundred and thirty two billion dollars that's fourteen billion dollars a day what's causing all the red ink this year on the one hand there's less money coming in because of tax cuts in last year's big tax and spending bill nancy vanden hauten is lead economist at oxford economics we have an extra strong tax refund season we've seen a big drop in corporate taxes because of the law on the other hand the government is spending more among the biggest drivers of the deficit medicare social security and interest on our national debt which is about to hit 40 trillion dollars according to jessica reed old tax and budget fellow at the brookings institution the debt is bigger than the economy right now which has never happened in american history outside of world war two read all says there are no easy solutions everything has to be on the table her suggestions hiking social security payroll taxes for high earners raising the retirement age and trimming benefits for high income seniors and Nancy Marshall Gensler for Marketplace despite the challenges Nancy just mentioned the credit rating agency Fitch is maintaining its double a plus rating on federal debt it cited the US economy's resiliency and the dollar status as the world's reserve currency which also expects the federal deficit to widen to seven point four percent of the entire US economic output. All three credit rating agencies previously downgraded US debt one notch citing increased borrowing and deficits.

**SPEAKER_3** (3:12)
Okay, let's get real about healthcare for a second. I think we can all agree it doesn't always work the way it should. If you've ever waited on a prescription refill or had a hard time getting the care you needed, you know what I mean. The system should just work better for everyone. That's exactly what the people at Optum are trying to do every day. They're a healthcare company linking patient care and pharmacy services and using data and technology to drive the whole system. So care is connected, not complicated, for patients and providers.
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**SPEAKER_4** (4:12)
This podcast is supported by Raymond James, a financial firm offering wealth management, banking and capital market services that are inspired by people. Before Raymond James' financial advisors build plans, they build relationships so they can craft individual strategies designed to achieve priorities and pursue what's possible. That's the power of personal. Disclosures at raymondjames.com.
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**Kimberly Adams** (4:43)
Europe is in the middle of another heat wave. It's fifth since May with temperatures in parts of the continent hitting triple digits. Sweltering heat is also causing trouble for Italy's cheese banks, where wheels of Parmigiano Reggiano are held as collateral. Caterina Gioino, his news editor at Fortune, and recently wrote about this system. She joins us now for more. Welcome.

**Caterina Gioino** (5:06)
Thank you so much for inviting me.

**Kimberly Adams** (5:07)