Federal deficit to hit $2.3 trillion in 2021, second-largest shortfall since World War II

The federal government’s 2021 deficit, at $2.3 trillion, will be the second-largest annual deficit since World War II, the Congressional Budget Office projected Thursday.

While the fiscal year 2021 expected budget shortfall is projected to be roughly $900 billion less than the deficit in 2020, the projection only includes current legislation. If the $1.9 trillion coronavirus relief package making its way through Congress is passed in full, the deficit could skyrocket to beat even last year’s deficit.