In February 2021, a few weeks after Biden entered office and before he had signed any spending legislation, CBO projected that in 2021 and 2022, the U.S. would run deficits of $3.3 trillion. In reality, deficits have been $4.2 trillion over those two years.

Drawing things out further, in that report from just after Biden was sworn in, CBO forecast that from 2021 through 2031, the U.S. would accumulate $14.5 trillion in deficits. In its latest report released on Wednesday, CBO now expects $20.5 trillion in deficits over that time frame — an increase of $6 trillion.