WASHINGTON (Pakistan Point News / Sputnik - 12th February, 2021) The US budget deficit is projected to reach $2.3 trillion in 2021 and can increase to 107 percent of GDP in 2031, the Congressional Budget Office (CBO) said in its economic outlook released on Thursday.
"CBO projects that, under current law, the federal budget deficit would total $2.3 trillion in 2021 and $12.3 trillion over the following 10 years. Federal debt would reach 107 percent of GDP in 2031, the highest level in US history," the economic outlook said.
