The deficit spending crisis is in full-swing. The US Treasury's budget deficit fell -$23 billion YoY, or -7% in May, to $293 billion. However, adjusted for the timing of certain government payments that shifted between months, the May deficit would have been +$74 billion larger than a year ago. In the first 8 months of the FY2026, the US deficit hit $1.25 trillion, the 3rd-highest in history. This is only below the $1.37 trillion recorded over the same period in FY2025 and the $2.06 trillion seen during the 2021 pandemic recovery. Meanwhile, net interest rose +$59 billion YoY, or +8% in the first 8 months of the FY2026, to a record $723 billion, tracking as the 2nd-largest government outlay only behind Social Security. There is no long-term plan here.(The Kobeissi Letter)