U.S. budget deficit to hit $3.3 trillion

The U.S. federal deficit will hit a record $3.3 trillion in 2020 according to Congressional Budget Office projections, with the increase largely due to the coronavirus crisis and measures to prop up the economy


U.S. BUDGET DEFICIT

2019
$984 billion

2020
$3.311 trillion
More than three times as much as shortfall in 2019

Government spending
$6.6 trillion in 2020 (at least $2 trillion more than 2019)
 

U.S. FEDERAL DEBT HELD BY PUBLIC (% of GDP)

1946: Peak of 106% follows large deficits incurred during World War II

1974: Low of 24%

2007: 35% before start of global financial crisis

2019: 79%

2020: Debt set to reach 98% of GDP – will exceed size of U.S. economy by 2021

2023: Debt becomes highest in U.S. history, at 107% of GDP

2030: 109%

120
100
 80
 60
 40
 20	Projection
  0
	1940 1950 1960 1970 1980 1990 2000 2010 2020 2030
            
 
Sources: Associated Press, Congressional Budget Office 
Picture: AP 
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