Federal deficit to hit $3 trillion, Congressional Budget Office says
CBSN
The Congressional Budget Office said Thursday it expects the federal deficit to hit $3 trillion for the 2021 fiscal year. That's $130 billion less than the deficit recorded last year amid the pandemic, but triple the deficit in 2019 before the pandemic struck. This year's deficit is projected to be the second largest since 1945, exceeded only by last year's deficit, the nonpartisan budget office noted.
The United States is projected to spend $6.8 trillion in the 2021 fiscal year while taking in $3.8 trillion. "The economic disruption caused by the 2020–2021 coronavirus pandemic and the legislation enacted in response continue to weigh on the deficit," the report stated.
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