The U.S. government’s budget deficit is forecast to shrink this year before soaring in the coming years, the Congressional Budget Office (CBO) wrote in its 2022-2032 budget and economic outlook Wednesday.  
The federal deficit will fall to $1 trillion this year, down from $2.8 trillion in 2021. The significant deficit decline is attributed to the expiration of costly pandemic-related emergency programs and rising tax revenues. 
According to CBO projections, the budget shortfall will exceed $2 trillion in 2032, accounting for 6.1 percent of GDP. The budget imbalance is expected to average $1.6 trillion annually between 2023 and 2032. Over the next ten years, Washington is forecast to accumulate nearly $16 trillion in deficits under current law.  …