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Awash in red ink: U.S. posts record $3.1T 2020 budget deficit

Oct 16, 2020
The federal deficit for 2020 was three times the size of last year’s deficit. It was the government’s largest annual shortfall in dollar terms.
President Donald Trump listens as Treasury Secretary Steven Mnuchin speaks during a daily coronavirus press briefing in March.
Brendan Smialowski/AFP via Getty Images