CBO: Deficit will hit $3.3 trillion this year, debt will exceed size of economy by 2021

The record deficit is projected to drive the ‘federal debt held by the public’ to 98 percent of GDP in 2020, ‘compared with 79 percent at the end of 2019 and 35 percent in 2007, before the start of the previous recession,’ the CBO report states.The record deficit is projected to drive the ‘federal debt held by the public’ to 98 percent of GDP in 2020, ‘compared with 79 percent at the end of 2019 and 35 percent in 2007, before the start of the previous recession,’ the CBO report states.Read MoreRobertsonReport.com / US’s Economy Board