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News Articles: Budget deficit

The government shortfall for the fiscal year that just ended is far greater than was seen during the height of the Great Recession. The national debt now exceeds the size of the U.S. economy.

$3.1 Trillion: Pandemic Spending Drives The Federal Budget Deficit To A Record

The government shortfall for the fiscal year that just ended was more than triple that of 2019. The national debt of $21 trillion now exceeds the size of the U.S. economy.

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By:
  • Jim Zarroli
With three months left in the government's fiscal year, the U.S. federal deficit is already nearly twice as large as the previous record, which was set in 2009 during the Great Recession.

Red Ink Overflowing: In June, U.S. Borrowed A Typical Year's Worth

The federal deficit is ballooning as the government tries to cushion the blow from the coronavirus pandemic. June's shortfall totals $864 billion — more than in an entire typical year.

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By:
  • Scott Horsley