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Commentary By Brian Riedl

2020 Deficit Exceeds Those of the Last 5 Years, Combined

Economics Tax & Budget

Covid-US-deficitThis year’s deficit (so far) will match the combined deficits from 2014 to 2019. It is by far the largest nominal deficit in history. Before this year, the largest was $1.4 trillion in 2009. Even after accounting for inflation, it is a staggering sum. The United States has not run deficits anywhere near this large since World War II. 

Brian Riedl is a senior fellow at the Manhattan Institute. He is the author of the new report, "Coronavirus Budget Projections: Escalating Deficits and Debt."  Follow him on Twitter @Brian_Riedl.

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