US deficit expected to hit $3 trillion in 2021: Budget office

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The US government's budget deficit is projected to hit $3 trillion for the second year in a row, according to a Congressional Budget Office estimate released Thursday.

After a year of enormous amounts of federal spending during the COVID-19 pandemic, Congress will run a budgetary shortfall this year equivalent to 13.4% of GDP, the second-largest level since 1945, the office said.

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