In a recent report, it was revealed that the country's budget deficit for the current fiscal year is projected to be around $1.5 trillion, which is significantly higher than the previous year's deficit of $984 billion. This increase is mainly due to the economic impacts of the ongoing pandemic, resulting in decreased tax revenues and increased government spending on relief programs. The government has stated that efforts are being made to address this growing deficit through a combination of cost-cutting measures and potential revenue-raising initiatives. In addition, projections indicate that the national debt is expected to reach $28.5 trillion by the end of the fiscal year, representing a significant increase from the previous year's debt level. Experts are voicing concerns about the long-term implications of such high levels of deficit and debt on the country's economy and future generations.