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Economy

CBO projects US deficit will soar to $3 trillion this year

By Zach Halaschak
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CBO projects US deficit will soar to $3 trillion this year

The Congressional Budget Office is projecting that the United States’s deficit will balloon to $3 trillion in 2021.

The CBO announced the projections on Thursday afternoon, with the high figure coming close to last year’s record of $3.13 trillion, which was the highest relative to the size of the economy since the 1940s. The deficit is expected to decrease to $1.15 trillion in 2022.

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Budgets and Deficits Congressional Budget Office Deficit Spending