Federal budget deficit increased to nearly $2T, interest payments, tariff refunds factors: report

The federal budget increased to nearly $2 trillion for the past fiscal year, in part the result of rising interest payments and tariff refunds, according to a new report by the Congressional Budget Office.

The report released Thursday also found the gap between the revenue the federal government collects and the amount it spends increased by $218 billion in the last fiscal year, which ended September 30, according to CNN.

In addition, the report found the federal government spent more on interest than on any category except Social Security.

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