New Haven Register (New Haven, CT)

US projects $3.12T deficit for this year, down $555B


The Biden administra­tion is forecastin­g that this year’s budget deficit will be $555 billion lower than it estimated back in May, helped by an economy that is rebounding more quickly than had been expected.

But even with the improvemen­t, the administra­tion said Friday that it is forecastin­g a deficit of $3.12 trillion for the budget year that ends Sept. 30. That would be the second largest deficit in history, exceeded slightly by last year’s $3.13 trillion deficit.

And for the next decade, the administra­tion never sees the annual deficits falling below $1 trillion. For the 2022 budget year, which begins Oct. 1, the administra­tion is projecting a deficit of $1.54 trillion.

The non-partisan Congressio­nal Budget Office forecasts an even lower deficit of $1.15 trillion next year.

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