Please explain The magnitude of the impact of the COVID-19 pandemic on the federal deficit and federal debt.
The Coronavirus Disease 2019 (COVID-19) epidemic wreaked havoc on the country's economy, and it has yet to fully recover. The federal government responded to COVID-19 also like other governments used an expansionary fiscal policy to provide relief and stimulation to the economy. But this has created a large deficit and borrowing has also increased. The federal budget deficit in FY2020 was $3.1 trillion, up from $1.9 trillion in FY2019, while the Congressional Budget Office (CBO) and Joint Committee on Taxation (JCT) estimate that measures passed in FY2020 will increase deficits by $2.6 trillion from FY2020 through FY2030.
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