Shocking stat of the day: US net interest costs on public debt rose +$19 billion YoY in the first 2 months of the Fiscal Year 2026, to $179 billion. This makes interest the 2nd-largest government outlay, only behind Social Security, at $268 billion. By comparison, Medicare, Health, and Defense spending totaled $176 billion, $170 billion, and $165 billion, respectively, over the last 2 months. During this period, interest expense as a % of tax revenue was 24.2%, near an all-time high. This is nearly 2 TIMES above the average seen between 2013 and 2019. Interest costs are out of control.(The Kobeissi Letter)