Economy

U.S. deficit will total $3 trillion in fiscal 2021, budget panel says

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The federal government will be swimming in $3 trillion of red ink by the end of fiscal 2021, according to a Congressional Budget Office estimate released Thursday that swelled 33% from the last forecast.

As a result of multiple stimulus measures aimed at combating the pandemic’s economic impact, Congress will run a budgetary shortfall this year equivalent to 13.4% of GDP, the second-largest level since 1945 and exceeded only by the 2020 spending.

The CBO last released a deficit estimate in February, when it saw a deficit $745 billion smaller than the one projected now. Under the current projections, the $23 trillion portion of government debt held by the public would bump to 103% by the…



Source cnbc.com

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