The U.S. deficit is nearly as big a Russia's economy, and there's a 'vicious' feedback loop that could make it worse

US Treasury payment check (Credit: Getty Images)

The presidential election has brought the issue of federal budget deficits back into the spotlight as markets weigh the impact of another Biden or Trump administration on government revenue and spending.

A week before this past Thursday's presidential debate, the Congressional Budget Office updated its projections for U.S. debt and deficits.