The nation's deficit so far into fiscal year 2025 set a record as the House GOP moves forward with its budget reconciliation bill, which includes more than $5 trillion in tax cuts and projected economic growth that would only cover about 16% of its cost.
Just The NewsRising deficit sets record as House GOP moves forward with $5T in tax cutsA hefty price tag: The current framework that was adopted by the House on Thursday also includes $521 billion in defense and immigration spending and a minimum of $4 billion in spending cuts. The debt limit would be increased up to $5 trillion as well.