The Congressional Budget Office says the federal budget deficit will again hit $3 trillion this year.

WASHINGTON – The federal budget deficit hit an all-time high of $3.1 trillion in the 2020 budget year, more than double the previous record, as the coronavirus pandemic shrank revenues and sent spending soaring. The Trump administration reported Friday that the deficit for the budget year that ended on Sept. 30 was three times the size of last year's deficit of $984 billion. It was the government's largest annual shortfall in dollar terms, surpassing the previous record of $1.4 trillion set in 2009. The 2020 deficit, in terms of its relationship to the economy, represented 15.2% of total gross domestic product, the sum of all the goods and services produced by the country. The administration's final accounting of the 2020 budget year shows that revenues fell by 1.2% to $3.42 trillion, while government spending surged 47.3% to $6.55 trillion.