COVID-19’s punishing effects on the federal deficit and debt

The Committee for a Responsible Federal Budget (CRFB) has a new report on COVID-19’s deleterious effects on the feral budget. CRFB projects:

Deficits will expand by $5.7 trillion over the 2020-2030 window as a result of the current crisis and response to date, to almost $20 trillion under current law. The budget deficit will total $3.7 trillion (17.9 percent of GDP) in 2020 and average $1.6 trillion (6.3 percent of GDP) per year from 2021 through 2030. As a share of the economy, debt will grow from 79 percent of GDP before the crisis to 101 percent by the end of 2020 and 118 percent of GDP by 2030.

Read the report at http://www.crfb.org/papers/updated-budget-projections-show-fiscal-toll-covid-19-pandemic