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U.S. deficit expected to hit $3 trillion in 2021

(KYMA, KECY/ CNN) - The Nonpartisan Congressional District Budget Office expects the U.S. budget deficit to hit $3 trillion this year.

The CBO made its prediction on Thursday saying the deficit increase is due to unprecedented federal spending in response to the Covid-19 pandemic.

If the prediction is right, that would put 2021's deficit at triple the shortfall of 2019 but about $130 billion lower than last year.

2020's deficit was a record $3.129 because of massive relief aid and a huge decrease in economic activity.

Article Topic Follows: Business

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Cole Johnson

Cole Johnson is News 11’s Sports Director.

Contact Cole at cole.johnson@kecytv.com.

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