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US Federal Deficit Reaches $1.8 Trillion as Debt Costs Hit $1 Trillion

The Congressional Budget Office reports record-high interest expenses, adding to a rising federal budget shortfall.

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Terms & Concepts
  • Federal Deficit: The amount by which a government's annual spending exceeds its annual revenue.
  • Debt Servicing Costs: The interest payments and related expenses a government incurs to maintain its outstanding debt.
  • Congressional Budget Office (CBO): A nonpartisan U.S. government agency providing budgetary and economic information to Congress.