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

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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.

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.

(Image credit: Patrick Semansky/AP)