BREAKING: The US Treasury budget deficit surged +67% YoY in December, to $145 billion. However, for the first 3 months of FY2026, the deficit fell -15% YoY, to $602 billion, the lowest start to a fiscal year since 2023. This comes as government revenue rose +13% YoY, to a record $1.23 trillion. This was boosted by tariff revenue, which surged +333% YoY, to $90 billion. At the same time, government expenditures increased +2% YoY, to a record $1.83 trillion, with interest costs jumping +15% YoY, to $355 billion. Health and Human Services, Social Security, and debt interest combined totaled $1.27 trillion, representing 69% of total spending. Still, the US government is on track for a near-$2 trillion deficit this fiscal year. Deficit spending far too high.(The Kobeissi Letter)