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Budget deficits have been persistent and large, contributing to the increase in federal debt.
Federal debt held by the public in 2025 is roughly equal to the size of the U.S. economy — about 100 percent of GDP — according to the Congressional Budget Office and Treasury-based data, though publi...
estimates that the One Big Beautiful Bill Act (OBBBA), enacted as Public Law 119‑21, will raise the unified budget deficit by over the 2025–2034 period relative to CBO’s January 2025 baseline , a tall...
The nonpartisan Congressional Budget Office (CBO) finds the One Big Beautiful Bill (OBBB/OBBBA) raises the unified budget deficit by roughly $3.4 trillion over 2025–2034, driven mainly by about $4.5 t...