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.

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  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
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  3. 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
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  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.

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