CBO says deficit to reach $3.7 trillion in economic decline

A recession caused by the coronavirus pandemic and a burst of government spending on testing, health care and aid to businesses and households will nearly quadruple the government’s budget deficit to $3.7 trillion.

That's according to the Congressional Budget Office. The CBO says the 2020 budget deficit will explode after four coronavirus response bills passed by Congress and signed by President Donald Trump.

Those bills promise to pile more than $2 trillion onto the $24.6 trillion national debt in just the remaining six months of the current fiscal year.