Federal budget deficit to hit record $3.3 trillion due to Covid-19 costs, recession

WASHINGTON (AP) – The federal budget deficit is projected to hit a record $3.3 trillion due to COVID-19 costs and the recession. 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. The Congressional Budget Office issued the report Wednesday.