Wednesday, September 2, 2020 |
Tag Cloud Tags:
CBO,
Congress,
coronavirus,
debt,
deficit,
Economy,
News,
virus,
Worthy News |
Learn about our FREE SYNDICATION Service |
Sign up for our Worthy Briefs!
(Worthy News) – The deficit is projected to hit a record $3.3 trillion this year, and the national debt will exceed the size of the U.S. economy by 2021, according to a Congressional Budget Office report published Wednesday.
“CBO projects a federal budget deficit of $3.3 trillion in 2020, more than triple the shortfall recorded in 2019. That increase is mostly the result of the economic disruption caused by the 2020 coronavirus pandemic and the enactment of legislation in response. At 16.0 percent of gross domestic product (GDP), the deficit in 2020 would be the largest since 1945,” according to the CBO’s updated budget outlook for 2020 to 2030.
The record deficit is projected to drive the “federal debt held by the public” to 98 percent of GDP in 2020, “compared with 79 percent at the end of 2019 and 35 percent in 2007, before the start of the previous recession.” [ Source: Just The News (Read More…) ]
We're being CENSORED ... HELP get the WORD OUT! SHARE!!!
Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.
