US debt set to surge to 120% of GDP as federal deficits spiral over next decade under new projections

The U.S. government's budget deficits are now projected to worsen throughout the next decade when compared with earlier forecasts this year, according to a new report by the nonpartisan Committee for a Responsible Federal Budget (CRFB).CRFB published an updated budget baseline as of August 2025 that incorporates the enactment of Republicans' One Big Beautiful Bill Act (OBBBA) along with the Trump administration's new framework for tariffs to account for legislative and administrative changes, though it doesn't include economic changes.Under the updated baseline, CRFB projects that the national