US projects $3.12T budget deficit for this year, down $555B

  • FILE - In this Aug. 10, 2021, file photo House Speaker Nancy Pelosi speaks at a press event regarding the Emergency Rental Assistance program in San Francisco. Moderate House Democrats say they’ll sink a crucial fiscal blueprint outlining $3.5 trillion in social and environment spending unless a separate infrastructure bill is approved first. Nine of them have written Pelosi saying they “will not consider voting” for the budget resolution unless the separate, $1 trillion infrastructure measure is first enacted into law. (AP Photo/Nick Otto, File)

WASHINGTON — The Biden administration is forecasting that this year’s budget deficit will be $555 billion lower than it estimated back in May, helped by an economy that is rebounding more quickly than had been expected.