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Bank of America says the US deficit will hit $2 trillion in 2026 and the bill is coming due for startups

Bank of America projected a $1.9 trillion US fiscal deficit for 2026 on July 24, with annual interest payments on the national debt topping $1 trillion and now exceeding the entire defense budget. With the 10-year Treasury at 4.69%, the forecast has direct consequences for startup valuations, VC hurdle rates, and any founder still counting on cheap money to return.