Capitol Building, seat of United States Congress, 1827, Washington DC, District of Columbia, United States of America, 19th century.
The federal budget deficit is projected to hit a record $3.3 trillion as huge government expenditures to fight the coronavirus and to prop up the economy have added more than $2 trillion to the federal ledger, the Congressional Budget Office said Wednesday.The spike in the deficit means that federal debt will exceed annual gross domestic product next year, a milestone that would put the U.S.