US budget deficit expected to fall to $1.9T in fiscak 2025

NEW YORK

The US Congressional Budget Office (CBO) projected the federal government's budget deficit will fall to $1.87 trillion in fiscal year 2025.

The report said the government's budget deficit was $1.91 trillion in fiscal year 2024.

It said the deficit is estimated to decrease to $1.71 trillion next year, and it is predicted to hit $2.7 trillion in 2035.

The report noted that the ratio of public debt to gross domestic product (GDP), which was 97.8% last year, is expected to rise to 99.9% this year and reach an all-time high of 118.5% in 2035.

The report, which said economic growth will slow, indicated that growth, which was 2.3% last year, is estimated to be 1.9% in 2025 and 1.8% in 2026.

*Writing by Gokhan Ergocun from Istanbul