A steep economic downturn and massive coronavirus rescue spending will nearly quadruple the fiscal 2020 US budget deficit to a record $3.8 trillion, a staggering 18.7 per cent of US economic output, a Washington budget watchdog group said on Monday.
Releasing new budget estimates based on spending mandated by law, the Committee for a Responsible Federal Budget (CRFB) also projected that the fiscal 2021 deficit would reach a 2.1 trillion in 2021, and average $1.3 trillion through 2025 as the economy recovers from damage caused by coronavirus shutdowns.
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