The federal deficit for 2020 is believed to have hit a record-smashing $3.1 trillion in 2020, well over double the highest deficit on record, according to an estimate by the Congressional Budget Office released Thursday.
The official figures from the Treasury Department are expected later this month.
Even before the pandemic, the deficit was on track to exceed $1 trillion for the only time since the four-year period following the Great Recession. The fiscal response to that economic downturn led to the previous record deficit of $1.4 trillion in 2009, but that number steadily declined until the mid-2010s.
Since President TrumpDonald John TrumpFive takeaways from the vice presidential debate Harris accuses Trump of promoting voter suppression Pence targets Biden over ISIS hostages, brings family of executed aid worker to debate MORE took office, the deficit has grown dramatically on the back of unfunded tax cuts and increased spending on