A new report shows a much lower U.S. trade deficit as tariffs restricted both imports and exports, but some experts say the effects may be temporary.

The federal budget deficit totaled $1.7 trillion in Calendar Year (CY) 2025, according to estimates from the Congressional Budget Office (CBO). The deficit in CY 2025 is $369 billion less than the $2.0 trillion deficit in CY 2024.

With Maryland staring down a projected $1.4 billion budget deficit, scrutiny is intensifying over how effectively the state protects taxpayer dollars from fraud and abuse.

In his proposed budget, California Gov. Gavin Newsom is predicting a shortfall of $2.9 billion. That's much less than the $18 billion shortfall projected by the Legislative Analyst's Office.

Janet Yellen told Newsweek that exempting U.S. firms from new global taxation rules had sacrificed "significant tax revenue.”