The Congressional Budget Office says the federal budget deficit will again hit $3 trillion this year. That’s $745 billion more than its estimate five months ago as it takes into account the cost of President Joe Biden’s $1.9 trillion coronavirus rescue plan. In an updated forecast, the CBO said the deficit for the current 2021 budget year, which ends Sept. 30, will be the second largest in history but slightly lower than last year’s record deficit of $3.13 trillion. The higher deficit will push federal debt to 102.7% of the total economy this year up from 100.1% of the economy last year. Both figures were the highest debt levels since the end of World War II.
