The Congressional Budget Office (CBO) released new federal budget figures on Thursday, October 8th, showing the United States running a $3.1 trillion deficit for the 2020 fiscal year, which came to a close at the end of September. The number reflected a number that was two times larger than the $1 trillion budget deficit experienced in the 2019 fiscal year. According to the CBO, the U.S. borrowed 48 cents on every dollar it spent during the fiscal year. Much of the fiscal year deficits were a result of lowered revenues from economic contraction and increased expenses for COVID-19 related aid.
More below:
https://www.arkansasonline.com/news/2020/oct/09/federal-budget-deficit-hits-record-31-trillion/
https://www.cbo.gov/publication/56661