(Bloomberg) -- The Congressional Budget Office said the federal budget deficit may more than triple to a record $3.7 trillion during this fiscal year because of massive stimulus and economic shutdowns to combat the coronavirus pandemic.
The shortfall may be $2.1 trillion in the following fiscal year, which ends September 2021, Phillip Swagel, director of the nonpartisan agency, said in a blog post Friday. The economy is forecast to shrink at a 39.6% annualized rate in the second quarter.
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