"In light of the enactment of the year-end spending and COVID relief deal, we estimate the deficit will total $2.3 trillion for fiscal year (FY) 2021. This would be lower than the $3.1 trillion deficit in FY 2020 but at an estimated 10.4 percent of gross domestic product (GDP), the release said.
22 December 2020, 11:02 GMT
The Congressional Budget Office has estimated the 2020 deficit at 16 percent of GDP, the largest since the final year of World War II in 1945, when the shortfall exceeded 25 percent of GDP.
On December 28, President Donald Trump signed a $900 billion COVID-19 relief package into law, extending unemployment benefits that had been set to expire for millions of Americans.