The federal budget deficit for fiscal year 2021 will be $3 trillion, the nonpartisan Congressional Budget Office estimated Thursday. That's nearly $130 billion less than last year's shortfall but triple the deficit recorded in 2019, as Washington responds to the coronavirus pandemic. The CBO said this year's deficit would total 13.4% of GDP, making it the second-largest since 1945 and exceeded only by last year's shortfall. Separately, the CBO said GDP would increase by 7.4% by the end of 2021, as the pandemic eases and demand for consumer services surges.