WASHINGTON (AP) – The federal budget deficit is projected to hit a record $3.3 trillion due to COVID-19 costs and the recession. That’s more than triple the 2019 shortfall.
The deficit projection was attributed to the coronavirus disruption of the economy and the cost of legislation enacted by Congress in response to the pandemic.
Government spending, fueled by four coronavirus response measures, would register at $6.6 trillion, more than $2 trillion more than 2019.
The Congressional Budget Office issued the report Wednesday.
The enormous deficit is bringing the federal debt, as measured by the size of the economy, near levels not experienced since the end of World War II.