All Star Economic News

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Inflation Is Back. Protect Yourself

The federal budget deficit is projected to total $2.3 trillion in the 2021 fiscal year, a drop from last year but well ahead of anything the U.S. had seen prior to the Covid-19 pandemic, the Congressional Budget Office reported Thursday.

That total does not include the $1.9 trillion in relief spending that President Joe Biden has proposed, because the ultimate size of the package has not been determined.

While smaller than the $3.13 trillion shortfall in fiscal 2020, the red ink this year still will be the second-largest in the nation’s history either in total dollar terms or as a proportion of the $20.9 trillion U.S. economy.

Source: https://www.cnbc.com/2021/02/11/deficit-projected-at-2point3-trillion-for-2021-not-counting-additional-stimulus-cbo-says.html?__source=iosappshare%7Ccom.apple.UIKit.activity.Mail