The Congressional Budget Office on Friday forecast a $1.865 trillion U.S. budget deficit for fiscal 2025, largely flat with last year and indicating no major deterioration in government finances before President-elect Donald Trump takes office on Monday.

(Reuters) - Scott Bessent, U.S. President-elect Donald Trump's choice to head the Treasury Department, on Thursday said that extending Trump's 2017 tax cuts that are set to expire at the end of this year is "the single most important economic issue of the day."

The U.S. national debt is projected to surge by $23.9 trillion over the next decade, according to the Congressional Budget Office.

The Congressional Budget Office (CBO) projected on Friday that the federal budget deficit would hit $1.9 trillion in fiscal year 2025. The nonpartisan budget scorekeeper estimated that federal spending would total $7 trillion during the fiscal year,