AI Data Insight
The year-over-year growth rate of U.S. government fiscal spending in July 2026 (Q3 2026) reached 21.71%. Although slightly narrower than the 23.35% from the previous month, it remains at historically high levels. Driven by surging Medicare and national debt interest expenses, as well as calendar effects, the single-month budget deficit for July expanded to a record $432 billion. In the medium to long term, this will continue to exert heavy pressure on U.S. finances and debt issuance.