The nonpartisan Congressional Budget Office released its latest 10-year budget outlook, which projected the U.S. is on track to break a notable debt record in just four years.

The Congressional Budget Office (CBO) projected Friday that the federal budget deficit would hit $1.9 trillion in fiscal 2025. The nonpartisan budget scorekeeper estimated that federal spending would total $7 trillion during the fiscal year,

The Congressional Budget Office on Friday forecast a $1.865 trillion U.S. budget deficit for fiscal 2025, largely flat with last year and indicating no major deterioration in government finances before President-elect Donald Trump takes office on Monday.

The Congressional Budget Office (CBO) released its latest projections for the budget and economic outlook today, projecting