Relative to the economy, the deficit is the largest since 2012, when the deficit was $1.1 trillion, and larger for the fourth year in a row. The annual shortfall is also roughly 50% larger than when President Trump took office.

The federal budget deficit is big by historical standards, and federal debt is expected to rise significantly in the coming years, heading toward the largest size relative to the economy since World War II.

Mainstream economists, including Federal Reserve Chairman Jerome Powell, say the government’s fiscal course is not sustainable.