Three trillion deficit, largest ever by a margin

US posts record $3.1 trillion deficit in 2020 fiscal year
  • Year-ago deficit $984B
  • September deficit $125B vs 124B exp
  • Sept 2019 $83B
  • Outlays $498B vs $291B in 2019
  • Receipts $373B vs $374B in 2019

The thing is, $3.1 trillion hides just how large it is. Much of the PPP money isn't accounted for until it's forgiven and there's other COVID money out there that's not accounted for yet either. Then there is the coming stimulus package and whatever else comes.

The prior record was in 2011 at $1.3 trillion.

It's tough to see deficits falling below $1 trillion any time this decade.