The trader consensus favoring "No" on deficit reduction before 2027 reflects ongoing fiscal trends under the current administration. The FY2026 deficit has reached nearly $2 trillion through August, exceeding prior-year levels in several CBO and Treasury updates, driven by the One Big Beautiful Bill Act's tax provisions, higher mandatory outlays for entitlements and defense, and rising net interest costs above $1 trillion annually. A Supreme Court ruling curtailed certain tariff authorities, lowering projected revenues by hundreds of billions and prompting refunds. The president's FY2027 budget request emphasizes defense increases while maintaining large gaps between outlays and receipts, with baseline projections showing deficits near or above 6% of GDP. These structural pressures, absent offsetting revenue or spending measures with near-term impact, underpin the market's assessment.