CBO projects federal deficit will hit $3 trillion this year
In an updated forecast Thursday, the CBO said the deficit for the current 2021 budget year, which ends Sept. 30, will be the second-largest in history, coming in shy of last year's record shortfall of $3.13 trillion.
WATCH: Director Christopher Wray testifies on FBI budget
Director Christopher Wray testified on the FBI budget on Wednesday.
Biden budget to run $1.8 trillion deficit to finance spending plans
The whopping deficit projections are being driven by Biden's costly plans for infrastructure and social spending, along with major new investments in domestic Cabinet agencies.
WATCH: Senate debates budget amid ongoing negotiations for COVID-19 relief
The Senate will vote Feb. 4 on an amended Congressional budget resolution for the next fiscal year, paving the way to pass a Democratic COVID-19 relief bill with a simple majority vote.
The final vote was 84-13, mirroring a similarly overwhelming margin in the House that, if maintained in both chambers, would be enough to override a potential veto.
The 1.82 trillion-euro ($2.21 trillion) seven-year budget and recovery package is vital for virus-battered European economies. Hungary and Poland had threatened to veto it over a move to tie the use of EU funds to upholding the rule of law.
The federal budget deficit hit an all-time high of $3.1 trillion in the 2020 budget year, more than double the previous record, as the coronavirus pandemic cut revenues and sent spending soaring.
The swift and sweeping bipartisan vote was a relative rarity in a polarized Washington and came just nine days after the president outlined a $2.5 billion plan that both President Donald Trump's GOP allies and Democratic critics said was insufficient.
The request is still being developed but is likely to come this week, a senior administration official confirmed Monday.
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