The CBO sees 2021 budget deficit of $3.003 trillion

Congressional Budget Office

The Congressional budget office is out with some estimates for 2021 and beyond. More specifically they:

• project the 2021 budget deficit at $3.003 trillion or 13.4% of US GDP
• see fiscal deficit projected at $1.153 trillion in fiscal 2022 and $789 billion in fiscal 2023 based on current laws
• projects US real GDP growth at 7.4% for 2021 and 3.1% for 2022. In 2023 they see growth falling to 1.1%
• projects US real GDP growth averaging 1.2% for 2024 – 2025, and 1.6% for 2026 to 2031
• projects consumer price index inflation at 3.4% for 2021 and 2.3% for 2022 and 2023
• projects unemployment rate at 5.5% for 2021, 3.8% for 2022, 3.7% for 2023 and 4.4% for 2026 to 2031

Interesting is the sharp fall in GDP 21.1% 2023 and 1.6% from 2026 to 2031