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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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.
President Donald Trump said on Friday that he may extend his federal crackdown on crime to Chicago and other Democrat-led cities, after deploying the National Guard and federal agents in Washington, D.C.
A day of mourning has been declared in Portugal to pay respect to victims who lost their lives in the Lisbon Funicular crash which happened on Wednesday evening.
Video from the USGS (United States Geological Survey) showed on Friday (19 September) the Kilauea volcano in Hawaii erupting and spewing lava.
At least eight people have died and more than 90 others were injured following a catastrophic gas tanker explosion on a major highway in Mexico City’s Iztapalapa district on Wednesday, authorities confirmed.
A powerful 7.4-magnitude earthquake struck off Russia’s Kamchatka Peninsula on 13 September with no tsunami threat, coming just weeks after the region endured a devastating 8.8-magnitude quake — the strongest since 1952.
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.
France’s iconic Eiffel Tower was shut on Thursday as nationwide strikes and protests swept across the country, with unions demanding the government scrap austerity plans and raise taxes on the wealthy.
Thousands gathered in Tehran on Thursday to commemorate one year since the assassination of longtime Hezbollah leader Hassan Nasrallah, as Iranian officials vowed defiance against the U.S. and Israel.
Russian President Vladimir Putin has hit out at European leaders, accusing them of whipping up hysteria calling them "dishonest".
Italian Prime Minister Giorgia Meloni criticised an aid flotilla intercepted off Gaza by the Israeli military, saying on Thursday the activists' mission and a strike called in their support in Italy would do nothing to help Palestinians.
Two people have been shot dead by police in Morocco as nationwide protests over poor public services intensify, marking the first fatalities since the unrest began last weekend.
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