US: $22.7 Trillion 'Astronomical' Deficit Projected by 2035

The US federal budget deficit is projected to reach $22.7 trillion by 2035, according to an analysis by the Committee for a Responsible Federal Budget (CRFB). This is almost $1 trillion higher than the Congressional Budget Office (CBO) projected in January.

The CRFB forecasts a $1.7 trillion deficit for fiscal year 2025, which is expected to increase to $2.6 trillion by 2035.

The CBO, the independent budget watchdog of Congress, announced that it would not issue an interim report this year but will present its new 10-year forecasts in early 2026.