Ten months into the 2021 fiscal year, the estimated federal budget deficit soared to $2.5 trillion, the Congressional Budget Office (CBO) reported. Estimated revenues rose 17% over the same period last FY, which “largely reflects the general strength of the economy over the past year,” the CBO stated. Estimated outlays rose 4%, due to programs related to the pandemic response that “substantially boosted spending” in FY21 and FY20. Notable expenses included recovery rebates, expanded unemployment benefits and the Paycheck Protection Program. If tax and spending laws aren’t changed, the deficit will reach $3 trillion by the end of this FY. Here’s the report: http://bit.ly/3yRPErq
