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The Latest Breaking News from Deficit

Mamdani Reportedly Pushes $70 Million Grocery Store Proposal Amid $5.4 Billion Budget Gap

Amid a $5.4 billion budget deficit, the mayor of New York City is pushing forward with a proposal that has historically yielded terrible results.

Reason

Georgia's child welfare system remains shaken after projected $85.7 million budget shortfall

Georgia’s child welfare agency spiraled into crisis amid an $85.7 million shortfall and although lawmakers voted to fill it, the impacts will last

The Independent UK

Chelsea made English record £355m loss in 2024-25 season, Uefa data reveals

Chelsea made a financial loss of £355m in the 2024-25 season, the biggest deficit ever recorded by an English football club

The Guardian - UK

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Trump claims America is ‘winning so much.’ The IMF agrees, adding that Trump’s trade policies are the only thing holding it back from even more

The best time to chip away at the national debt and balance the budget is now, when the economy is strong, says the IMF. Trump’s trade tariffs are making that difficult.

Fortune

Come 2030, the U.S. deficit will be worth 5.9% of GDP—more than the outlays for Social Security, and equal to spending on major health programs

Come 2030, the annual deficit will be worth roughly 5.9% of GDP, on par with provisions set aside for health and Social Security programs, and well ahead of calls to reduce deficits to 3% of GDP.

Fortune

Tracey Emin calls for donations from the wealthy to keep museums free for the public

Emin’s comments come after the National Gallery revealed an £8.2m deficit

The Independent UK

America’s $901 billion trade deficit is like ‘chronically high cholesterol,’ top economist says, and Trump’s 150-day tariffs are the wrong medicine

Trump’s trade policy risks confusing one problem with a much bigger crisis, according to Harvard professor Gita Gopinath.

Fortune

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The Supreme Court has curbed Trump’s ability to bully his allies. But tariffs were never going to end the US trade deficit

New US tariffs set at 10% have come into effect, days after the country’s Supreme Court blocked the bulk of President Donald Trump’s sweeping import taxes. The shock move came as a major blow to the president’s determination to rebalance US trade and bring manufacturing back home.

The Conversation

Trump's Rationale for His New Tariffs Contradicts the Position He Took Before His Supreme Court Defeat

The president is relying on a provision that the government's lawyers said had no "obvious application" to his goal of reducing the trade deficit.

Reason

Trump’s tariffs: a lesson in economic and legal ignorance

Have tariffs created more jobs, or an economic boom? Not if you look at the data.

Fortune

In less than a year, Trump erased 12 years of solvency for the trust fund that pays for Medicare Part A

The CBO estimates that benefit reductions would start at 8% in 2040 and steadily climb to a 10% cut by 2056.

Fortune

Inter Milan vs. Bodo/Glimt: Preview, Predictions and Lineups

The Nerazzurri have a two-goal deficit to make up in Milan on Tuesday night.

Sports Illustrated

Trump's New Tariffs Are Probably Illegal Too

Attorneys for the Trump administration even admitted that Section 122 can't be applied to address trade deficits. Trump is now trying to do that anyway.

Reason

Internal White House war erupts as Budget Chief rips defense secretary’s massive spending plan

He worries about its impact on the Federal deficit.

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The Independent UK

Crystal Palace fans make feelings towards club known during win over 10-man Wolves

Palace avoided falling to a first-half deficit when captain Dean Henderson saved Tolu Arokodare’s 43rd-minute penalty

Reason

Andrew McCarthy on "Why Trump's Section 122 Tariffs Are Illegal"

The prominent conservative legal commentator outlines the case against Trump's latest tariff power grab.

Fortune

Trump's plan B to impose new tariffs is also illegal because a balance-of-payments deficit doesn't exist, trade experts say

"A balance of payments deficit is not the same thing as a trade deficit."

Fortune

New CBO report shows national debt spiraling into uncharted territory by 2035—and Trump's tariffs defeat will make the picture even worse

By 2035, the CBO expects the deficit to reach $2.96 trillion or 6.2% of GDP versus 5.8% today, and almost double the multi-decade, pre-pandemic average.

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Fortune

The ‘alternative scenario’ of an even bigger national debt disaster is in play after the Supreme Court ruled Trump’s tariffs illegal

Federal debt was set to reach 120% of GDP by 2036, the CBO projected, but that assumed the tariffs would stay in place.

GOBankingRates

How The US Adding $696 Billion in Debt Impacts Your Money Every Day, According to Experts

The more the government borrows, the more Americans will feel a financial strain.

Fortune

The Trump team’s justification for tariffs was rebalancing the trade deficit—it’s not going the way they wanted

Perhaps unsurprisingly, given the escalating tensions between Washington and Beijing, in 2025 the deficit with China decreased $93.4 billion to $202.1 billion.

The Guardian - UK

UK reports record-breaking budget surplus of £30.4bn in surprise boost for Rachel Reeves

Largest January total since records began in 1993 is sharp reversal from December’s £11.6bn deficit

Reason

Trump Said Tariffs Would Reduce the Trade Deficit. Instead, It Hit a Record High in 2025.

It's a good thing that trade deficits aren't actually a national emergency.

The Independent UK

U.S. trade deficit slipped to $901 billion last year amid Trump tariffs

The U.S. trade deficit slipped modestly in 2025, a year in which President Donald Trump upended global commerce by slapping double digit tariffs on imports from most countries

Reason

Mamdani To Increase NYC Property Taxes by 9.5 Percent To Balance Budget if Income Taxes Are Not Raised

So much for "the warmth of collectivism."

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