(AURN News) — The U.S. budget deficit totaled $1.8 trillion for fiscal year 2025, according to new estimates from the nonpartisan Congressional Budget Office. While that’s a slight 4% drop from last year’s shortfall, it still ranks among the largest peacetime deficits in U.S. history.
Revenues rose about 6% on higher income and customs tax collections, but federal spending climbed nearly as fast — up $301 billion — driven by major benefit programs and the rising cost of interest on the national debt.
The CBO says that if not for a timing quirk in certain payments last year, the deficit would have been $80 billion lower. The $1.8 trillion gap may be smaller on paper but larger in consequence, with debt payments now consuming more than the nation spends on education and veterans combined.
Click play to listen to the report from AURN White House Correspondent Ebony McMorris. For more news, follow @E_N_McMorris & @aurnonline.
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