Over the years, the federal government has spent trillions of dollars more than it brings in, racking up big deficits even in good times, when it ought to be paring debt down.
Now, as it struggles to repair the damage from the coronavirus epidemic, it's getting ready to spend trillions more, pushing up this year's deficit above $3 trillion.
"It's mind-boggling. I never contemplated this," says Douglas Holtz-Eakin, president of the American Action Forum, who headed the Congressional Budget Office under President George W. Bush.