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

The federal budget deficit is projected to hit a record $3.3 trillion as huge government expenditures to fight the coronavirus and to prop up the economy have added more than $2 trillion to the federal ledger, the Congressional Budget Office said.The spike in the deficit means that federal debt will exceed annual gross domestic product next year — a milestone that would put the U.S. where it was in the aftermath of World War II, when accumulated debt exceeded the size of the economy.