CBO

1. Congressional Budget Office.

Example Sentences

The small silver lining of CBO’s otherwise glum report is that the deficit is $80 billion smaller than in the 2024 fiscal year after accounting for timing shifts in outlays.

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Income-tax revenue increased 10% to $2.67 trillion—$44 billion more than the CBO baseline projected in January—in part because of strong capital gains from the booming stock market.

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By one CBO metric, net interest on the public debt topped $1 trillion for the first time—more than the country spent on Medicare or defense.

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Other than student loans, the only major categories in which CBO said spending actually declined were the Federal Deposit Insurance Corporation, because it spent less resolving bank failures, and the Small Business Administration, because disaster-related loan costs in 2024 didn’t recur in 2025.

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This measure isn’t directly comparable to how net interest is reported in some other CBO or White House accounts, but the differences are relatively small and the trend is consistent.

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