The Congressional Budget Office said Thursday the national debt is on a path to exceed the size of the entire U.S. economy this year, even before a $1.9 trillion relief package under debate in Washington is factored in.
The federal debt is projected to reach roughly 102% of gross domestic product in 2021, according to a Congressional Budget Office report.
The nonpartisan office estimated that the deficit would reach $2.3 trillion in fiscal 2021, a decline from a year earlier but still a historically high level.
The projections do not include the so-called American Rescue Plan proposed by President Joe Biden to combat Covid-19 and its effects on the economy.
This story is developing.