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

"The federal budget deficit is projected to hit a record $3.3 trillion as huge government expenditures to fight the coronavirus and to prop up the economy have added more than $2 trillion to the federal ledger," the Congressional Budget Office said. This means that federal debt will exceed annual gross domestic product next year, which in the article is mentioned that this will be a milestone that would put the U.S. where it was in the aftermath of World War II when accumulated debt exceeded the size of the economy. The article also mentions that this $3.3 trillion figure is more than triple the 2019 shortfall and more than double the levels experienced after the market meltdown and Great Recession of 2008-09. This clearly is an alarming situation.

https://www.cnbc.com/2020/09/02/budget-deficit-to-hit-record-3point3-trillion-due-to-virus-recession.html