5 things to know before the stock market opens Thursday

4. Federal deficit to hit record $3.3 trillion due to coronavirus

Treasury Secretary Steven Mnuchin testifies before the House Select Subcommittee on the Coronavirus Crisis, during a hybrid hearing, Tuesday, Sept. 1, 2020, on Capitol Hill in Washington.is projected to hit a record $3.3 trillion due to huge government expenditures to fight the coronavirus and to prop up the economy, according to the Congressional Budget Office. That number is more than double the levels experienced after the market meltdown and Great Recession in 2008 and 2009. The spike in the deficit means that federal debt will exceed annual gross domestic product next year, a level that would put the U.S. where it was in the aftermath of World War II, when accumulated debt exceeded the size of the economy.

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