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NPR News: 07-14-2026 1AM EDT

Explore episode Jul 14, 2026

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Federal Deficit Tops $1.3 Trillion; Tariff Refunds Hit $80 Billion

At 3:16 · chapter starts 2:10

NPR's Scott Horsley delivers a sobering fiscal update: the federal government is more than $1.3 trillion in the red with three months still left in the fiscal year. Tax collections are up, but spending is growing faster — a gap that shows no sign of closing. The starkest figure is the interest bill: paying the interest on accumulated federal debt has already cost more than $1 trillion this fiscal year alone, a sum that dwarfs nearly every line in the federal budget except Social Security. Adding to the fiscal pressure, the Supreme Court's decision to strike down the president's most sweeping import tariffs has created a massive refund liability. The Treasury Department has already paid out more than $80 billion to businesses and individuals who were charged tariffs the court later ruled illegal. The administration is pushing to impose new tariffs to replace the lost revenue, but the financial damage from the old ones is still being reckoned with.

Government
Rubio targets ICC

NPR News: 07-14-2026 1AM EDT · Jul 14, 2026

Secretary of State Marco Rubio announced a campaign to dismantle the International Criminal Court, calling it a threat to U.S. sovereignty.

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