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.
But interest payments also soared, a concerning trend that has only gotten worse in recent years. Net interest on the public debt was $1.03 trillion, up from $949 billion in fiscal 2024.
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