Trump reduces the deficit by 4% with tariffs and his signature tax law
The jury is still out on whether Hamas will blow up the landmark ceasefire agreement that President Donald Trump‘s team negotiated to bring an end to the war in Gaza. But it’s possible that while the president was making headlines for stopping the fighting in the Middle East, he may have achieved something even more statistically improbable: reducing the deficit.
Lost in the Washington drama of the Democratic Party‘s shutdown of the federal government was the nonpartisan Congressional Budget Office‘s announcement that the federal budget deficit for fiscal 2025 actually fell by $80 billion, or 4% compared to fiscal 2024. Although outlays for the fiscal year, 75% of which occurred since the start of Trump’s second presidency, rose by 3%, federal revenue went up by $308 billion, or........
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