That would blow away records
The US Committee for a Responsible Federal Budget now estimates the US FY2020 deficit will be $3.8 trillion or 18.7% of GDP. It will then drop to just $2.1 trillion in 2021.
The estimates are based on current laws and high unemployment. That will put US debt above 100% of GDP by the most-lax standards.
They assume the US returns to a pre-virus trajectory by 2025 (which is just in time for a big demographic dropoff and jump in social security costs and medicaid).
US Federal deficits by year (billions):
- 2009 $1,413
- 2010 $1,294
- 2011 $1,300
- 2012 $1,077
- 2013 $680
- 2014 $485
- 2015 $442
- 2016 $585
- 2017 $665
- 2018 $779
- 2019 $984
- 2020 $3,800*
- 2021 $2,100*
*estimates
In addition to this, the White House is talking about $2 trillion in infrastructure stimulus.
