The Congressional Budget Office (CBO) said Friday that continued global tariff hikes imposed by President Donald Trump could shrink the national deficit by $4 trillion over the next ten years.
According to the nonpartisan agency, higher tariff revenues could cut primary deficits by $3.3 trillion and reduce federal interest payments by $0.7 trillion.
However, the current top tariff rates may change as trade negotiations and international legal challenges continue. The additional revenue could offset deficit growth triggered by the recent Republican tax-cut and spending bill, which CBO estimates would add $3.4 trillion to the deficit over the next decade.
The U.S. federal debt currently stands at $37.18 trillion, continuing to rise under both Republican and Democratic administrations as Congress authorises more spending than revenue. Lawmakers face a government funding deadline at the end of September, or risk a shutdown.
The latest estimate is higher than CBO’s June projection, which forecast a $2.5 trillion reduction in primary deficits and a $500 billion cut in interest outlays.
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It was "not nice" that Russian President Vladimir Putin might travel to EU member Hungary for talks on Ukraine, EU foreign policy chief Kaja Kallas said on Monday.
Utah prosecutors said on Tuesday they will seek the death penalty for the suspect in conservative activist Charlie Kirk's assassination and revealed some of the evidence against him, including alleged text messages in which he appeared to confess to the crime.
Thousands of Washington D.C. residents marched on Saturday to protest President Donald Trump’s deployment of National Guard troops and federal law enforcement across the city, calling for an end to what they describe as an “occupation.”
The U.S. has doubled tariffs on Indian goods to 50%, heightening trade tensions with one of its closest strategic partners and threatening thousands of exporters and jobs in India.
At least 69 people have died and almost 150 injured following a powerful 6.9-magnitude earthquake off the coast of Cebu City in the central Visayas region of the Philippines, officials said, making it one of the country’s deadliest disasters this year.
A tsunami threat was issued in Chile after a magnitude 7.8 earthquake struck the Drake Passage on Friday. The epicenter was located 135 miles south of Puerto Williams on the north coast of Navarino Island.
The war in Ukraine has reached a strategic impasse, and it seems that the conflict will not be solved by military means. This creates a path toward one of two alternatives: either a “frozen” phase that can last indefinitely or a quest for a durable political regulation.
A shooting in Nice, southeastern France, left two people dead and five injured on Friday, authorities said.
Snapchat will start charging users who store more than 5GB of photos and videos in its Memories feature, prompting backlash from long-time users.
President of Ukraine Volodymyr Zelenskyy met King Charles III at Windsor Castle on 24 October, ahead of planned talks with European leaders in London.
Uzbekistan and the European Union (EU) are set to sign a new Enhanced Partnership and Cooperation Agreement (EPCA), marking a major step in bilateral relations and placing Uzbekistan among the EU’s closest partners in Central Asia.
Turkish President Tayyip Erdoğan said the United States and others must do more to push Israel to stop violating the Gaza ceasefire agreement, including the possible use of sanctions or halting arms sales.
Southeast Asian leaders and global partners, including U.S. President Donald Trump, will gather in Kuala Lumpur from 26 to 28 October to discuss trade, regional conflicts and global security, with East Timor set to join ASEAN as its 11th member.
Start your day informed with AnewZ Morning Brief: here are the top news stories for 23 October, covering the latest developments you need to know.
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