CBO expects $2.3 trillion deficit before Biden relief plan
BALTIMORE (AP) — The Congressional Budget Office says the federal government is on track for a $2.3 trillion deficit this year, down roughly $900 billion from last year when the coronavirus caused Congress to provide historic amounts of financial aid.
Stronger economic growth has helped to reduce the anticipated shortfall for this year. Still, the deficit could soon be revised upward if President Joe Biden’s $1.9 trillion coronavirus relief package becomes law.
That aid — coming after roughly $4 trillion was approved last year — would add more red ink once enacted, but isn’t included in Thursday’s CBO projections.