Overview

• CBO estimates the FY2025 federal deficit at $1.8 trillion, just $8 billion lower than FY2024.
• Total revenues rose by an estimated $308 billion, a 6% increase from the prior year.
• Customs duties climbed to $195 billion from $77 billion, which the CBO attributes to President Trump’s tariffs.
• The national debt stood at $37.86 trillion at the time of the report, according to U.S. Treasury data.
• Fiscal watchdogs warn the U.S. is on track to borrow nearly $2 trillion per year over the next decade.