US House budget projects $1.9 trillion deficit for fiscal year 2025, or 6.2% of GDP

The budget is just out.

• US House budget aims to raise debt ceiling by $4 trillion
• National debt would surpass $36 trillion, or 123% of GDP
• The proposal calls for a $2 trillion reduction in mandatory spending over the next decade
• Entitlement expenditures now account for more than 70% of the federal budget
• The Education and Workforce Committee must reduce the deficit by $330 billion,
• The Energy and Commerce Committee faces an even steeper $880 billion in required savings
• the Armed Services Committee authorized to increase the deficit by $100 billion
• Homeland Security and Judiciary Committees will collectively add another $200 billion​

So on net, Republicans are proposing $2 trillion in cuts to mandatory spending over 10 years and a $4.5 trillion tax cut.