US Deficit Rises to $1.626 Trillion, Impacting Fiscal Projections for 2025

A new analysis from the Congressional Budget Office (CBO) reveals a significant increase in the US deficit for FY2025. The deficit reached $1.626 trillion between October 2023 and July 2024, with a rise of $109 billion compared to last year’s fiscal year. While this surge has no direct impact on cryptocurrency markets, analysts highlight that increased government spending and rising interest rates are contributing factors.