In this report, CBO provides additional detail about its projections of the federal budget and the U.S. economy under current law for this year and the decade that follows. (Those projections were published on July 1, 2021.) The projected deficit for 2021 is $3.0 trillion. Over the 2022–2031 period, projected deficits are much smaller, though still large by historical standards. CBO projects stronger economic growth in the near term than it did in February 2021 because of recently enacted fiscal policies and because the agency now projects the effects of social distancing to be weaker and consumer spending to be greater than it forecast at that time.