CBO projects 2021 U.S. deficit at $2.26 trillion, excluding Biden stimulus plan

The Congressional Budget Office on Thursday estimated that the U.S. federal budget deficit would shrink to $2.258 trillion in fiscal 2021 from $3.132 trillion in fiscal 2020, but that excludes any effects from President Joe Biden's proposed $1.9 trillion stimulus plan.

The CBO, releasing its 10-year budget outlook, said deficits based on current laws enacted as of Jan. 12 would shrink to $905 billion by fiscal 2024, but would rise steadily to $1.9 trillion by fiscal 2031.