Federal Deficit to Approach $4 Trillion in 2020, as National Debt Exceeds Size of National Economy

The National Debt Clock in midtown Manhattan, New York City, on April 15, 2020. Chung I Ho/The Epoch Times

Exploding federal spending prompted by the U.S. government’s response to the CCP virus pandemic will force the annual deficit to at least $3.8 trillion this year, according to projections by the Committee for a Responsible Federal Budget (CFRB).

“Our latest projections find that under current law, budget deficits will total more than $3.8 trillion, 18.7 percent of Gross Domestic Product (GDP), this year and $2.1 trillion (9.7 percent of GDP) in 2021,” the CFRB said in a statement.