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US budget deficit to hit $3 trillion
Finance
- 02 July, 2021
- 05:13
The US 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 July 1, Report informs.
Federal government expenditure is projected at $6.8 trillion and revenues at $3.8 trillion. In particular, the $1.9 trillion coronavirus relief package, adopted at the initiative of President Joe Biden, will play a role in increasing the spending.
The deficit in absolute terms will be $1.2 trillion in 2022 and $800 billion in 2023. The deficit will grow again starting in 2025.
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