Massive government spending linked to the pandemic and declining tax revenues pushed the U.S. budget deficit to more than $ 3.1 trillion in fiscal 2020, triple the 2019 deficit.
The deficit was more than double the record $ 1.4 trillion set during the 2009 economic crisis.
According to the Associated Press, the 2020 deficit was 15.2% of total GDP, the highest level since 1945, when the United States borrowed huge sums to fight World War II.
In February, the deficit was slated to reach $ 1 trillion, but virus lockdowns boosted massive government spending while a sharp economic slowdown squeezed tax revenues.
In 2020, revenues fell 1.2% to $ 3.42 trillion and government spending climbed 47.3% to $ 6.55 trillion, much of which went to support the economy and help Americans left out of work by lockdowns.
About 22 million Americans lost their jobs in March and April during the coronavirus shutdowns. About half of these jobs have been recovered. As millions of people still face economic uncertainty, calls will continue for further injections of federal stimulus.
The White House and Congress remain deadlocked on a new stimulus package.
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