The Congressional Budget Office estimated Wednesday that the federal budget deficit for fiscal 2025 was $1.8 trillion as interest payments crossed $1 trillion for the first time.

That $1.8 trillion number is $8 billion less than what was recorded in fiscal 2024. Tax revenue increased by just over $300 billion, but spending also increased by about the same amount, according to the CBO .

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The federal deficit is high by historical standards, and indicates a long-run mismatch between spending and revenues that threatens the federal governme

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