3 sources·Politics

Projected U.S. National Debt and Deficits to Surge Amid Tax Reductions

Congressional Budget Office forecasts national debt will rise sharply as Trump's tax cuts could worsen budget deficits over the next decade.

The distribution of story sources: left-leaning (blue), center (light gray), and right-leaning (red).
Mostly Reliable
The underlying sources are generally reliable but sometimes include opinion, propaganda, or minor inaccuracies.
Balanced
The underlying sources are either a balanced mix of left and right or primarily centrist.
  1. US budget deficit to hit $1.9 trillion in 2025: CBO

    The CBO's projections underscore the undeniable fiscal challenges facing the nation, particularly as the incoming GOP-led Congress grapples with tax reforms that could exacerbate an already alarming deficit.

    US budget deficit to hit $1.9 trillion in 2025: CBO

    The HillThe Hill·3M
    Reliable
    This source consistently reports facts with minimal bias, demonstrating high-quality journalism and accuracy.
    ·
    Center
    This outlet is balanced or reflects centrist views.
  2. CBO: 2025 Deficit Flat at $1.9T Before Tax Changes

    The CBO's latest budget forecast raises concerns about the long-term sustainability of government finances, especially with potential new tax cuts from the incoming Trump administration that could exacerbate the already significant deficits.

    CBO: 2025 Deficit Flat at $1.9T Before Tax Changes

    NewsmaxNewsmax·3M
    Mixed Reliable
    This source has a mixed track record—sometimes accurate but also prone to bias, sensationalism, or incomplete reporting.
    ·
    Right
    This outlet favors right-wing views.
  1. The Hill
  2. Associated Press
  3. Newsmax

Updated: Jan 17th, 2025, 3:46 PM ET

Summary

A summary of the key points of this story verified across multiple sources.

The Congressional Budget Office projects a significant rise in U.S. national debt, estimating an increase of $23.9 trillion over the next decade, with budget deficits expected to reach $1.87 trillion this year. Annual deficits, predicted to stabilize initially, are seen widening due to continued growth in government spending largely attributed to Social Security and Medicare. Trump's proposed tax cuts, projected to add over $4 trillion to deficits, potentially create challenges for the incoming administration. A focus on balancing revenue and spending is emphasized as lawmakers seek to manage a growing fiscal gap.


Perspectives

Compare opinions on this story from liberal (Left), conservative (Right) or center-leaning news organizations.

No center-leaning sources available for this story.

Projected U.S. National Debt and Deficits to Surge Amid Tax Reductions - Pano News