The Washington Post reports:
The U.S. budget deficit eclipsed $3.1 trillion in the fiscal year that ended Sept. 30, according to government data released Friday, by far the biggest one-year gap in U.S. history.
The deficit — which is the gap between government spending and tax revenue — shows the dramatic surge in spending the U.S. government approved in order to contain the pandemic’s fallout earlier this year.
The deficit last year was about $1 trillion, which represented an elevated level but pales in comparison to the 2020 tally. The data are a stark reflection of the staggering blow that the coronavirus pandemic has dealt to the U.S. economy.