Don Ma is an anchor and senior business correspondent based at the network's global headquarters in New York City. Don is the anchor and producer of NTD's "Business Matters," which airs weekdays at 4:30 pm ET.

Don Ma

NTD Plus

News

Breaking news and in-depth analysis from the United States and beyond. We bring you the latest updates, exclusive insights, and sharp discussions on the most pressing issues. NTD Newsroom airs Monday–Friday from 2 p.m. to 6 p.m. ET.

NTD Newsroom

Award Winning Journalist Weighs in on Supreme Court Ruling That Allows Alabama to Use Gop-Friendly Map

California Needs To 'Be Smarter' With Funds It Already Has: Panelists Weigh In On Primaries

Canada Is Having a Technical Recession Due to Over-Regulation: Economist

‘The Clock Has Run Out’ on Iran: Geopolitical Analyst

Will Trump’s Hilton Endorsement Be a Boost or Burden in California Governor Race? Panelists Debate

Blue Origin’s New Glenn Rocket Explosion Not a 'Catastrophic' Setback: Aeronautics Expert

Iran Will Still Be Talking About This War '500 Years From Now': Former US Diplomat

Sean Marshall is a reporter based at NTD's global headquarters in New York City, primarily covering business and technology trends. 

Sean Marshall

American AI Development vs CCP-Aligned Interference

NTD Newsroom comprises teams of reporters, editors, and producers assigned to cover breaking news and other stories.


Israel: Hamas Commander Killed in Gaza

NY Governor Announces New Immigration Enforcement Laws

NTD Newsroom Full Broadcast (June 3)

NTD Newsroom Full Broadcast (June 2)

NTD Newsroom Full Broadcast (June 1)

NTD Newsroom Full Broadcast (May 29)

NTD Newsroom Full Broadcast (May 28)

NTD Newsroom Full Broadcast (May 27)

Full Episodes

NTD Newsroom Full Broadcast (May 26)

NTD Newsroom Full Broadcast (May 25)

NTD Newsroom Full Broadcast (May 22)

NTD Newsroom Full Broadcast (May 21)

The Associated Press is an American not-for-profit news agency headquartered in New York City. 

The Associated Press

US News

State News

California

More Than 17,000 Under Evacuation Orders as Southern California Wildfire Threatens Homes

Rudy Blalock is a Southern California-based daily news reporter for NTD. Originally from Michigan, he moved to California in 2017 and the sunshine and ocean have kept him here since. In his free time, he may be found underwater scuba diving, on top of a mountain hiking or snowboarding, or at home meditating—which helps fuel his active lifestyle.

Rudy Blalock

40,000 Ordered to Evacuate as Chemical Tank Leaks, Threatens Explosion in California

Video of US Fighter Jet Shooting Down UFO Over Lake Huron Emerges in New Pentagon Files

Ryan Morgan is a reporter for The Epoch Times focusing on military and foreign affairs. He was previously a news writer for NTD. 


Ryan Morgan

Mari Otsu is NTD's White House correspondent based in Washington. 

Mari Otsu

World News

Middle East

Iran

3 US Warships Fend Off Iranian Attacks, Trump Says Ceasefire Still Holds

News you can trust from the U.S. and around the world. Critical information and insight. We cover the stories that others don’t. NTD News Today airs Monday–Friday at 11 a.m. ET.

NTD News Today

US Government Sues Chick-fil-A Over Religious Rights

Sports News

Kyle Busch, Two-Time NASCAR Champion, Dies at 41

Haika Mrema

Medical Plane Crash in New Mexico Mountains Kills 4, Sparks Wildfire

Daniel Monaghan is a reporter for NTD News covering culture, social issues, and education. He holds a BA in Political Science and Government.

Daniel Monaghan

California Mayor Resigns, Will Plead Guilty to Acting as Chinese Agent

Reuters is a news agency owned by Thomson Reuters. It employs around 2,500 journalists and 600 photojournalists in about 200 locations worldwide writing in 16 languages.

Reuters

Trump Calls Iran's Response to Latest US Ceasefire Proposal 'Totally Unacceptable'

Iris Tao is NTD's White House correspondent based in Washington. Prior to her work at the White House, Iris reported on U.S. politics and U.S.–China relations from NTD’s New York headquarters. She holds degrees in journalism and economics from Boston University.

Iris Tao

US and Iran Trade Strikes, Kuwait Is Hit by Drone and Missile Fire

Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of "The War on Cash."

Andrew Moran

The federal government registered a $1.8 trillion budget deficit for fiscal year 2025, according to new <a href="https://www.cbo.gov/system/files/2025-10/60306-MBR.pdf" target="_blank" rel="nofollow noopener">data</a> from the Congressional Budget Office (CBO), released on Oct. 8.

This year’s shortfall was $8 billion lower than the deficit recorded for 2024, the nonpartisan budget watchdog said.

Revenues rose by $308 billion, or 6 percent, to $5.2 trillion.

The CBO reported a combined $260 billion increase in collections of individual income and payroll taxes.

Corporate tax collections dropped by 15 percent, or $77 billion, to $453 billion.

“The 2025 reconciliation act, enacted in July, allowed corporations to take larger deductions for certain investments in 2025, reducing some estimated payments,” the CBO said.

The Monthly Budget Review also confirmed a 153 percent increase in customs duties, including tariffs, which totaled $195 billion.

Outlays advanced by $301 billion, or 4 percent, to $7 trillion.

The increase in outlays was driven by an 8 percent jump in spending on safety net programs.

Social Security benefits surged by $121 billion due to cost-of-living adjustments and an increase in the number of individuals collecting benefits.

Medicaid and Medicare expenditures also ballooned by $52 billion and $72 billion, respectively, due to rising health care costs.

Additionally, net interest payments on the public debt surged by $80 billion, or 8 percent, exceeding $1 trillion for the first time.

“While the deficit didn’t rise from last year, it didn’t fall either, and we continue to borrow far too much,” said Maya MacGuineas, president of the independent policy organization Committee for a Responsible Federal Budget, in a <a href="https://www.crfb.org/press-releases/cbo-estimates-18-trillion-deficit-fiscal-year-2025" target="_blank" rel="nofollow noopener">statement</a>.

“Our national debt is about the size of the entire U.S. economy and will exceed its highest ever record as a share of the economy—set just after World War II—in short order.”

Despite the annual deficit, the CBO estimated that Washington posted a $164 billion budget surplus in September—double the $80 billion surplus recorded a year ago.

Tax receipts are projected to have totaled $535 billion last month, climbing by 2 percent, or $8 billion.

Federal spending fell by $76 billion, or 13 percent, to $371 billion in September.

Throughout the government shutdown, the House and Senate committees for the budget have directed the agency to continue providing information Congress needs to carry out its duties, the CBO noted.

Treasury Secretary Scott Bessent confirmed on Oct. 9 that his department will be unable to publish the monthly budget statement on Oct. 10 because of the shutdown.
<h2>Bessent Touts Debt-to-GDP Drop</h2>
Throughout the 2024 election campaign trail, Bessent, a billionaire hedge fund manager, routinely pointed out the elevated deficit-to-GDP ratio, which had been the highest when the United States was not in a war or in a recession.

Bessent, in a fireside <a href="https://www.youtube.com/watch?v=sFG-w_42kAU" target="_blank" rel="nofollow noopener">chat</a> with Fed Vice Chair for Supervision Michelle Bowman at a community bank conference on Oct. 9, announced a decline in the deficit-to-GDP ratio.

“The deficit-to-GDP now has a five in front of it,” he said.

Using CBO’s gross domestic product estimates, the deficit ratio declined to 5.9 percent from the previous year’s 6.4 percent.

Moving forward, by the end of President Donald Trump’s second term in the Oval Office, Bessent said he wants the deficit ratio to decline to “something with a three in front of it.”

“We’re on our way,” Bessent said. “I think we saw that today.”

Trump and senior administration officials have regularly stated that they plan to grow America’s way out of its debt and deficit challenges.

Bessent reiterated the president’s “three-legged stool,” pointing to trade, tax, and deregulation as measures to expand the U.S. economy.

And while Bessent is optimistic about public policy changes that can clean up some of the red ink in Washington, some economic observers and U.S. voters continue to sound the fiscal alarm.

“Strong majorities of Americans want lawmakers to address the unsustainable debt, which would enhance economic growth and opportunity for our nation,” said Michael Peterson, CEO of the Peter G. Peterson Foundation.

Before the government shutdown, now in its second week, the organization <a href="https://www.pgpf.org/press/2025-09-fci-press-release/" target="_blank" rel="nofollow noopener">released</a> its Fiscal Confidence Index, which showed that 77 percent of voters think the national debt should be a top-three priority for lawmakers.

Sixty percent of respondents think policymakers are on the wrong track when addressing the debt, the highest level since October 2024.

Months after crossing the $37 trillion mark, the United States national debt is poised to reach $38 trillion soon, according to Oct. 6 <a href="https://www.jec.senate.gov/public/index.cfm/republicans/debt-dashboard" target="_blank" rel="nofollow noopener">data</a> from the Joint Economic Committee.

<em>From <a href="https://www.theepochtimes.com/business/us-government-posts-1-8-trillion-budget-deficit-for-2nd-straight-year-budget-office-5927087">The Epoch Times</a></em>

Latest

Paywall Related

Videos

Business News

04_Top Stories

Latest Clips

Free for Subscribers

Management

03_Featured

Latest and breaking news, documentaries, movies, and lifestyle content on NTD+.
 
Empower your knowledge and elevate your spirit with NTD+, your go-to destination for truthful news, insightful documentaries, and captivating lifestyle content that enriches your life.

US Federal Deficit Hits $1.8 Trillion for 2nd Straight Year