Budget Deficit Spiked in January, CBO Report Finds

The federal budget deficit grew a whopping 400% in one year as the pandemic caused spending to skyrocket, the Congressional Budget Office said in a report Tuesday.

The estimated January federal budget deficit was $165 billion, $132 billion more than the deficit in January 2020, according to a Congressional Budget Office (CBO) report released Tuesday. The federal budget in the first four months of fiscal year 2021, which started in October, was $738 billion, an 89% jump compared to the same period last year.

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