U.S. stimulus spending this year dwarfed even the New Deal

Yes, but: Put the two together, and the amount of stimulus passed by Congress in 2020 would dwarf any previous U.S. government spending program — even the New Deal.

Why it matters: President Trump’s suggestion that he might not sign the bill without changes throws the whole package into doubt.

But even if that gets resolved, Team Biden has made it clear that they want massive new rounds of stimulus in 2021, directing money to state and local governments as well as executing on their promises to “build back better” with a multi-trillion-dollar investment program.

All of that spending would come on top of $2.9 trillion of stimulus passed in 2020 — an amount equivalent to a whopping 14.5% of GDP.