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The US government deficit is set to reach almost $2tn this year, the Congressional Budget Office warned, saying new commitments to fund Ukraine and Israel would push up spending to levels well in excess of those anticipated in February.

The CBO, which serves as lawmakers’ independent fiscal watchdog, on Tuesday projected the deficit will top $1.9tn — or 7 per cent of gross domestic product earlier this year — up from its February forecast of $1.5tn.