Federal Government Will Borrow Another $20 Trillion in the Next Decade

During the COVID-19 pandemic, the federal deficit surged to unprecedented, barely fathomable levels: more than $3.1 trillion in 2020 and $2.7 trillion in 2021.

The federal deficit will soon approach those huge figures once more—not due to one-time emergency spending in response to a crisis, but simply the result of the government's routine operation.