The federal deficit for fiscal year 2020 was $3.1 trillion, or 14.9% of gross domestic product, the Congressional Budget Office reported Monday, the largest as a share of the economy since World War II.

During the war, deficits ballooned to 26.9% of GDP in 1943, but after the war ended, deficit levels dropped precipitously. It wasn’t until the Great Recession that deficits increased to 9.8% of GDP in 2009 before returning to low single digits.