Good morning. In this edition:

• 🇺🇸 US budget breakdown
• 🏥 Pig-to-human liver transplant
• 🕷️ How spiders see the world

…and much more.

Ready, Set, Go: Today’s news should be a ~3.91-minute read (1,039 words).

Did someone forward you this email? Subscribe here for free.

+Editor’s note: We’ll be off Monday for Indigenous Peoples’ Day/Columbus Day. See you back here on Tuesday.

“Those who bring sunshine into the lives of others cannot keep it from themselves.”

–J.M. Barrie (1860-1937)

Last week, the books officially closed on the US government’s fiscal year. And we now have some data to see how America’s finances performed in FY 2025, thanks to new year-end figures released Wednesday by the nonpartisan Congressional Budget Office.

The baseline figures

Overall, the federal government logged a $1.8 trillion budget deficit for the 2025 fiscal year, essentially unchanged compared to FY 2024 despite a historic rise in tariff revenue.

That’s largely because the main drivers of gov’t spending continued to rise: social programs like Medicare and Social Security, and interest on the public debt, which crossed $1 trillion/year for the first time according to the CBO.

Some other highlights from the new FY 2025 data:

• Tariff collection rose from $77 billion in FY 2024 to $195 billion this past fiscal year, with customs duties now representing 3.7% of overall federal revenue.
• While the Elon Musk-led Department of Government Efficiency (DOGE) touted the potential for massive spending cuts, they failed to fully materialize: Total US gov’t spending (excluding interest) rose by $220 billion, or 4%, compared to FY 2024.
• One area that did see major cuts was the Education Department, where spending decreased by 87% ($234 billion), largely related to changes in student-loan accounting and President Trump’s executive orders shuttering much of the department’s funds.

US deficits remain historically high

The new data also sheds light on America’s growing debt and deficit—particularly the federal deficit as a ratio of GDP, a key gauge used by experts to monitor the US government’s fiscal sustainability.

• CBO data shows the deficit stood at ~5.9% of US GDP last fiscal year, down slightly from 6.4% the previous year.
• Ratios this high are unprecedented in modern US history, outside of crises or economic downturns, Bloomberg reports.

Looking ahead…Treasury Secretary Scott Bessent says he wants to shrink the deficit-to-GDP ratio to a level near 3% by 2028, Trump’s final year in office.

📊 Flash poll: When it comes to America’s finances, would you say the US gov’t is generally heading in the right direction, or do you think things are generally on the wrong track?

• Right direction
• Wrong track
• Unsure/other

Whether your project is tightly scoped or agile and evolving, Upwork adapts to you. Choose the contract type that fits—hourly or flat fee—and scale talent based on your real-time needs. As costs climb elsewhere, stay efficient with payment protection. Only pay for work you approve.

Here are five stats from this past week that made our team go “whoa.” Hopefully you will, too.

💼 30% of Americans over the age of 70 who are still employed are working for themselves, almost double the percentage of those in their 60s.

🤖🛒 AI-assisted online shopping is projected to grow by 520% year-over-year during the 2025 US holiday season, according to Adobe Analytics.

🍽️ 44% of all US adults say they’ve ordered from the kids’ menu to save money and eat less, according to a survey from hospitality company Lightspeed Commerce.

🏘️🌀 18.3% of all US homes—worth a combined ~$8 trillion—are at severe or extreme risk from hurricane wind damage, per a recent Realtor.com analysis.

🏢 25 CEOs of major global companies have resigned or were forced out in response to activist shareholder campaigns already in 2025, per Barclays, on pace to surpass the record of 27 seen last year.

BUSINESS & MARKETS

• 🧾 IRS unveils 2026 income tax brackets, including upwards adjustments tied to inflation and higher brackets for capital gains taxes.
• ✈️ Delta reported better-than-expected revenue and earnings; the largest US airline by market cap also predicted premium seat sales will overtake economy as early as 2026.
• 🚗 Tesla’s self-driving feature is under investigation by federal regulators over dozens of reported incidents in which the cars ran red lights or drove on the wrong side of the road.

SPORTS, MEDIA & ENTERTAINMENT

• 🏆 Nobel Prize in Literature awarded to Hungarian writer László Krasznahorkai, 71, who’s known for “absurdism and grotesque excess”—including a 400-page novel consisting of just one long sentence.
• 🏀 Las Vegas Aces take 3-0 series lead in the WNBA Finals over the Phoenix Mercury; Aces are now one win away from their third WNBA title in four years.
• 🍿 A Minecraft Movie is getting an untitled sequel that’ll arrive in theaters July 2027. | A Knight of the Seven Kingdoms drops its first trailer; the Game of Thrones prequel is set to debut first of six 30-minute episodes on January 18.

WarriorWOD addresses PTSD recovery by pairing veterans in need with mentors who've walked the same path—because healing happens best alongside those with shared experiences. Combined with structured fitness and personalized nutrition, this approach has helped 1,500+ veterans achieve a 29% reduction in PTSD symptoms.

With one in five veterans affected by PTSD, your support provides veterans access to the community they need to heal.

SCIENCE, SPACE & EMERGING TECH

• 🐷 Doctors in China report the first-ever pig-to-human liver transplant in new study; the 71-year-old man who received the genetically modified pig liver ended up living 171 days after the procedure, with the pig organ in place for the first 38 days.
• 🛰️ SpaceX’s Starlink has an average of 1-2 satellites/day fall back to Earth and burn up in the atmosphere, per Harvard-Smithsonian astrophysicist Jonathan McDowell.
• 🐀 Naked mole rats evolved a DNA repair mechanism to help them become the world’s longest-living rodent and resistant to many age-related diseases, per new research; the findings could help humans achieve some of the same longevity effects.

US, WORLD & POLITICS

• 🌍 Israel, Hamas, and US leaders all announce the Gaza war has officially ended and a permanent ceasefire has started; Israel’s military is set to withdraw to an agreed-upon perimeter by tomorrow, with Hamas then having 72 hours to release all remaining hostages.
• 🏛️ Senate fails to approve either of the competing GOP and Democratic funding bills to end the ongoing gov’t shutdown for a seventh straight time; lawmakers reportedly remain far apart on negotiations.
• 🧑‍⚖️ DOJ indicts New York AG Letitia James on charges of bank fraud and making false statements to a financial institution; mortgage fraud charges come after previous federal prosecutor was ousted by President Trump for raising doubts about charging James. | Federal judge temporarily blocks Trump from federalizing or deploying National Guard members to Illinois for at least two weeks.

☝️You’re looking at some of the finalists from the 2025 AOP Open Awards, where pros and amateurs compete side-by-side for a chance at being honored. Check out the rest of the 15 finalists here.

🤔 Did you know? The average person leans on just a few thousand words in everyday conversation—even though most of us understand 20,000 or more.

📰 Worth a read: How does the world look through a spider’s eyes?

🖱️ Clickbait: Shop secondhand clothing sustainably and look cool doing it

Stop choosing between your wardrobe and bag fees.… Luhxe Travel bag’s built-in closet fits 14 days of outfits in carry-on size—zero wrinkles, zero baggage claim. 80,000+ overpackers agree. Shop Luhxe here.

How well did you pay attention this week? Find out here.

1. If you save $5 per day, how much do you have in 6 weeks?
2. What is the smallest number divisible by both 4 and 6?
3. Which number comes next in this Fibonacci-style pattern: 1, 1, 2, 3, 5, …?

🐻 Meet Chunk, the winner of Fat Bear Week 2025. Weighing in at 1,100+ lbs, Chunk beat 11 other bears in the bracket-style competition to take the top prize. 

1. $210
2. 12
3. 8

Advertise with us: Want to reach other smart and inquisitive readers like you? Become a DONUT partner here.