“The Congressional Budget Office said Friday that it expected the federal budget deficit to hit $3.7 trillion for the 2020 fiscal year, which would be its largest size as a share of the economy since World War II.”
“…the budget office said it expected the economy to shrink by 5.6 percent over the course of this year, ending 2020 with an unemployment rate of nearly 12 percent.”
“It projected growth of 2.8 percent in 2021 — which would be nowhere close to the sharp rebound that some Trump administration officials have said they expect — and a budget deficit of more than $2.1 trillion for the 2021 fiscal year.”
“By the close of the 2020 fiscal year, which ends in September, the budget office now expects the size of the national debt to exceed the annual output of the economy, with debt to gross domestic product at 101 percent.”
(https://www.nytimes.com/2020/04/24/business/stock-market-live-coronavirus.html)
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