![Rising interest payments are expected to be a major contributor to the increase in deficits over the next decade.](https://abc17news.b-cdn.net/abc17news.com/2024/02/cnn-L19jb21wb25lbnRzL2ltYWdlL2luc3RhbmNlcy9jbHNjNHo3dmowMDBoMzU2aGE1MGtjMWRl-L19jb21wb25lbnRzL2FydGljbGUvaW5zdGFuY2VzL2Nsc2MzYzdjZzAwMGoyOXA2ZjRnZTgzN2M-375x225.jpg)
Federal budget deficit expected to soar to $2.6 trillion in 2034, CBO says
By Tami Luhby, CNN (CNN) — The federal budget deficit will balloon from $1.6 trillion this fiscal year to $2.6 trillion in fiscal year 2034, according to the latest Congressional Budget Office outlook released Wednesday. A major reason for the widening gap between revenue and spending: a spike in net interest payments on the federal
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