The Congressional Budget Office issued a new report on July 1, 2021. They project that the fiscal 2021 budget deficit will be $3.0 trillion (up from $2.3 trillion in their previous forecast) . I estimated the 2021 deficit as $2.7 trillion so their projection is bigger than mine, that is, things are even worse than I anticipated.
For 2022, they project the deficit to be only $1.15 trillion, and then 2023 will be only $789 billion. These numbers are laughable low. I don't think we will ever have an annual deficit of less than $1.5 trillion again.
I'm not going to update my forecast right now. Maybe after the infrastructure bill passes.
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