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

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October 16th, 2020

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.

Patrick Semansky / AP

Updated at 3:16 p.m. ET

The U.S. budget deficit soared to a record $3.1 trillion, following a massive surge in government spending aimed at containing the economic damage from the coronavirus pandemic.

The deficit for the fiscal year that ended Sept. 30 was more than triple that of fiscal 2019 and easily eclipsed the previous record of $1.4 trillion recorded in 2009.

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