Worthy Christian News > US News > CBO projects US deficit will soar to $3 trillion this year

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

Thursday, July 1, 2021 | Tag Cloud Tags: CBO, Congress, deficit, Economy, Federal Reserve, News, United States, Washington, Worthy News | Learn about our FREE SYNDICATION Service | Stay informed with the Worthy Brief! | Printer Friendly

(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…) ]

Start your day with Christian news and biblical encouragement from Worthy News.

people are currently praying.

Worthy News reports from a biblical worldview with a commitment to accuracy, transparency, and editorial independence. Learn more about About Worthy News, our Editorial Standards, AI Use Policy, Ownership of Worthy News, News Tips and Corrections, and Worthy News Staff.

💡 Did you know? One of the best ways you can support Worthy News is by simply leaving a comment and sharing this article.

📢 Social media algorithms push content further when there’s more engagement — so every 👍 like, 💬 comment, and 🔄 share helps more people discover the truth. 🙌

Discuss this article in our forums

Latest Worthy News

U.S. Jobless Claims Remain Low as Labor Market Holds Steady

WHO Warns Congo Ebola Outbreak Could Become Deadliest in History

Israel Resumes Preemptive Gaza Strikes as Hamas Disarmament Deal Stalls

Trump Administration Announces $2 Billion for Christian Aid Groups After USAID Overhaul

Danube Nuclear Crisis Deepens As Hungary Questions Russian Expansion (Worthy News In-Depth)

U.S. Sending Fresh Aircraft Carrier to Middle East

Mecca Defense Pact Signals New Muslim Military Alliance Beyond U.S. and Israel

U.S. Credit Card Debt Surges to $1.26 Trillion as Americans Lean Heavier on Borrowing

Israel Unveils Next Generation of Low-Cost Autonomous Attack Drones

Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.