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Dec. 8, 2021, 2:31 p.m. EST

U.S. likely ran a $193 billion deficit in November versus $145 billion a year earlier, CBO says

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By Greg Robb

The federal government likely ran a budget deficit of $193 billion in November, up from $145 billion in the same month last year, the Congressional Budget Office estimated Wednesday. The Treasury Department will release the official deficit data on Friday. The U.S. budget deficit hit $2.8 trillion in fiscal year 2021, the second highest on record. The CBO projects the 2022 deficit will narrow to $1.2 billion, in part because the federal government is no longer providing emergency pandemic assistance. For instance, outlays for unemployment compensation fell by $21 billion compared with the same month last year, the CBO said. Cecilia Rouse, chair of the White House council of economic advisers. said Tuesday that the slowdown in government spending will result in an 8.5% contraction in "the fiscal impulse" on the economy in 2022, one of the biggest drops since World War II.

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