Awash in Red Ink: U.S. Posts Record $3.1T 2020 Budget Deficit

The federal budget deficit hit an all-time high of $3.1 trillion in the 2020 budget year, more than double the previous record, as the coronavirus pandemic shrank revenues and sent spending soaring.

The Trump administration reported Friday that the deficit for the budget year that ended on Sept. 30 was three times the size of last year’s deficit of $984 billion. It was also $2 trillion higher than the administration had estimated in February, before the pandemic hit.

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The U.S. National Debt Has Exceeded the Total Value of the GDP

The U.S. national debt now exceeds the size of America’s total gross domestic product and the milestone may have been met as early as June, according to a Friday New York Times report.

America’s federal debt stands at around $26.6 trillion — an approximate $7 trillion increase since 2016, according to fiscal data from the Treasury Department. Total U.S. gross domestic product (GDP) was just over $19.4 trillion at the end of June, according to a July 30 release from the U.S. Bureau of Economic Analysis.

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