Budget deficit to hit record $3.3T due to virus, recession

(AP) — The federal budget deficit is projected to hit a record $3.3 trillion as huge government expeditures to fight the coronavirus and to prop up the economy have added more than $2 trillion to the federal ledger.

The word comes from the Congressional Budget Office. The project deficit is more than triple the 2019 shortfall and more than double the levels experienced after the market meltdown and Great Recession of 2008-2009.

Government spending, fueled by four coronavirus response measures, would register at $6.6 trillion – at least $2 trillion more than 2019.