The U.S. Treasury ran a surplus last month, thanks in part to the April 15th tax deadline. But the federal government is still expected to end the year more than $1.5 trillion in the red.

Sandwiched between a burger joint and an oyster bar in New York City hangs a daunting image: The National Debt Clock. And that debt number? It just keeps ticking up. How deep in the hole are we? Nearly a hundred percent of gross domestic product. And counting. Today on the show, the federal debt. Is it time to freak out? Or is there nothing to see here?

The federal government's budget gap widened significantly in the first nine months of the fiscal year, as tax receipts slumped and spending increased.

Congressional forecasters expect the federal deficit will hit the second largest in decades, even without factoring in President Biden's proposed $1.9 trillion coronavirus relief plan.

Congressional forecasters expect the federal deficit to reach $3.3 trillion during the current fiscal year. By 2023, government debt will reach an all-time high of 107% of GDP.

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.