Budget deficit to hit record $3.3 trillion due to virus, recession

Treasury Secretary Steven Mnuchin testifies before the House Select Subcommittee on the Coronavirus Crisis, during a hybrid hearing, Tuesday, Sept. 1, 2020, on Capitol Hill in Washington.

Graeme Jennings | Pool via AP

The federal budget deficit is projected to hit a record $3.3 trillion due to COVID-19 costs and the recession, the Congressional Budget Office said Wednesday.

That’s more than triple the 2019 shortfall. The deficit projection was attributed to the coronavirus disruption of the economy and the cost of legislation enacted by Congress in response to the pandemic.

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