US budget deficit to hit $1.9 trillion in 2025: CBO
The Congressional Budget Office (CBO) projected Friday that the federal budget deficit would hit $1.9 trillion in fiscal 2025.
The nonpartisan budget scorekeeper estimated that federal spending would total $7 trillion during the fiscal year, amounting to 23.3 percent of the country’s gross domestic product (GDP). That figure is estimated to reach 24.4 percent in 2035, as spending in areas like Social Security, Medicare and net interest costs is expected to grow.
At the same time, revenues are projected to hit $5.2 trillion this year, reaching 17.1 percent of the nation’s GDP. The figure is estimated to rise 1.1 percent by........
© The Hill
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