00:00It's Benzinga, bringing Wall Street to Main Street.
00:02The Congressional Budget Office said the U.S. budget deficit will total $1.85 trillion,
00:08or 5.8% of GDP, this fiscal year, according to the Wall Street Journal.
00:13That figure will remain near 5.7% in fiscal 2027 before widening over the next decade.
00:19The U.S. will spend $1.33 for every $1 it collects in taxes and tariffs this year,
00:26continuing a pattern of high deficits that are rare outside emergencies,
00:29wars, and recessions.
00:31Debt held by the public is projected to exceed 100% of GDP this year
00:36and surpass the post-World War II record by 2030.
00:39Interest costs will reach 26% of federal revenue by 2036, up from 19% this year.
00:45The CBO said Trump's tax cut law will increase deficits by $4.7 trillion through 2035,
00:51while tariff changes will reduce deficits by $3 trillion.
00:55The CBO projects 2.2% real GDP growth this year before slowing to 1.8%.
01:01For all things money, visit Benzinga.com.
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