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

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(Worthy News) – 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.

In its updated 10-year budget projection, the nonpartisan office also predicted that U.S. gross domestic product will increase by 7.4% in 2021, a figure that is above the Federal Reserve’s prediction of 7% growth. The CBO said that real GDP will average 2.8% during the five-year period from 2021 to 2025. [ Source: Washington Examiner (Read More…) ]

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