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The federal budget deficit hit an all-time high of $3.131 trillion in the 2020 fiscal year — three times the size of the previous fiscal year's deficit of $984 billion. The lost economic output alone lowered tax revenues significantly. Additionally, the C

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The federal budget deficit hit an all-time high of $3.131 trillion in the 2020 fiscal year — three times the size of the previous fiscal year's deficit of $984 billion. The lost economic output alone lowered tax revenues significantly. Additionally, the C
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