BREAKING: The US Government officially posts its largest July budget deficit in history, at -$432 billion, due to an acceleration in federal spending. Interest on US debt rose +$26 billion from last July's levels to an alarming $118 billion for the month. This puts total interest expense for FY2026 up to $1.17 trillion in FY2026. As a result, interest expense has officially surpassed both National Defense and Medicare spending. In other words, the US government now spends more money just on interest than it does to fund the entire US Military or to provide healthcare for seniors. We cannot afford higher interest rates.(The Kobeissi Letter)