"The budget deficit will total $2.3 trillion – 10.3% of GDP – in FY 2021 and total $12.3 trillion (4.4% of GDP) over the next decade."Debt will reach a new record as a share of the economy, growing from over 79% of GDP at the end of FY 2019 to over 102% of GDP by the end of 2021...and will grow another $13.6 trillion by the end of 2031, ultimately reaching $35.3 trillion."Four major trust funds are on a path toward insolvency. CBO projects Highway Trust Fund insolvency in FY 2022, Medicare Hospital Insurance Trust Fund insolvency in FY 2026. Social Security Old-Age and Survivors Insurance Trust Fund insolvency appears likely in calendar year 2032 and Social Security Disability Insurance Trust Fund insolvency in the mid-2030s."Debt could be even higher than projected. If policymakers enact $2 trillion of additional fiscal relief, extend expiring tax provisions, and grow annual appropriations with GDP, debt would total 120% of GDP by 2031."