Budget office expects $2.3T deficit before Biden relief plan

JOSH BOAK
FILE - This July 16, 2019, file photo shows the Capitol Dome in Washington. The U.S. government's budget deficit hit $735.7 billion through the first four months of the budget year, an all-time high for the period, as a pandemic-induced recession cut into tax revenues while spending on COVID relief measures sent outlays soaring. The Treasury Department reported Wednesday, Feb. 10, 2021, that the deficit so far for the budget year that began Oct. 1 is 89% higher than the $389.2 billion deficit run up in the same period a year ago. (AP Photo/Carolyn Kaster, File)

The Congressional Budget Office says the federal government is on track for a $2.3 trillion deficit this year, down roughly $900 billion from last year when the coronavirus pandemic led Congress to provide historic amounts of financial aid. Stronger economic growth has helped to reduce the anticipated shortfall for this year. The additional aid — coming after roughly $4 trillion was approved last year — would add more red ink once enacted, but isn't included in Thursday's CBO projections.