The Kobeissi Letter (@KobeissiLetter) BREAKING: The US Treasury budget deficit fell -26% YoY in January, to $95 billion. Over the first 4 months of FY2026, the deficit is down -17% YoY, to $697 billion, still posting the 3rd-worst start to a year in history. Government revenue rose +12% YoY, to $1.8 trillion, lifted by tariff revenues, which surged +304% YoY, to $124 billion for the period. At the same time, government expenditures increased +2% YoY, to $2.5 trillion. Tariff revenues are mak