A sharp rise in Hungary's budget deficit, if coupled with higher inflation and currency market pressure, could threaten Hungary's credit rating, S&P Global said, as public spending promises mount in the run-up to a tightly contested 2026 election. Faced with the weakest economic stretch of his 15-year rule, Prime Minister Viktor Orban has launched tax cuts for families, wage hikes and other measures ahead of the vote, which S&P Global estimates are already worth some 2% of economic output.