In a report, the Congressional Budget Office (CBO) provides a budget overview for fiscal year 2021. The federal budget deficit in 2021 totaled nearly $2.8 trillion, almost $360 billion less than the deficit in 2020 but about triple the shortfall incurred in 2019. “During the past two years, deficits were much larger than they have been historically because of the economic effects of the coronavirus pandemic and legislation enacted in response,” the CBO said. Notably, in 2021, federal revenues totaled $4 trillion, which was $626 billion (or 18%) more than receipts recorded in 2020. “That increase was the largest recorded in five decades,” the CBO said. Read the report: