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September 3, 2020 - The federal budget deficit is projected to hit a record $3.3 trillion as huge government expenditures to fight the coronavirus and to prop up the economy have added more than $2 trillion to the federal ledger, the Congressional Budget Office said.
The spike in the deficit means that federal debt will exceed annual gross domestic product next year – a milestone that would put the U.S. where it was in the aftermath of World War II, when accumulated debt exceeded the size of the economy, AP said.
The $3.3 trillion figure released Wednesday is more than triple the 2019 shortfall and more than double the levels experienced after the market meltdown and Great Recession of 2008-09. Government spending, fuelled by four coronavirus response measures, would register at $6.6 trillion, $2 trillion-plus more than 2019.
By year’s end, the publicly held national debt will total 98% of the U.S. gross domestic product, the total output of goods and services. That compares with 79% of GDP at the end of 2019 and 35% back in 2007.
The CBO projected that the debt would exceed 100% of GDP in 2021 and set a new record high of 107% in 2021.
CBO, the nonpartisan economic and research arm of Congress, predicts that deficit will total $13 trillion over the coming decade.