Name: Federal Budget Deficit Will Approach $4 Trillion In 2020, CBO Says, As The Economy Continues To Nosedive
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Federal Budget Deficit Will Approach $4 Trillion In 2020, CBO Says, As The Economy Continues To Nosedive

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BETAThis is a BETA experience. You may opt-out by&nbsp;Apr 24, 2020,New!Got it!As the recession caused by the coronavirus deepens and government spending on healthcare and economic aid skyrockets, the Congressional Budget Office on Friday that it expects the federal budget deficit to hit $3.7 trillion by the end of fiscal year 2020—nearly five times the current deficit at the halfway mark of the fiscal year.The current deficit for this fiscal year stands at $744 billion, according to the .&nbsp;&nbsp;The CBO is also predicting that the national debt will eclipse the annual economic output of the United States in 2020, with the ratio of federal debt to GDP rising to 101%.That would be the deficit’s largest size as a portion of the economy since World War II, the .&nbsp;The CBO also projected that the economy will shrink by 5.6% over the course of the year, and that the unemployment rate will rise to 16% in the third quarter and remain at a high 11.7% by the end of 2020, averaging 11.4% for the year.&nbsp;Over the last several weeks, the federal government has passed four massive stimulus packages worth nearly $3 trillion; there is widespread consensus that more legislation will be needed to stabilize the economy.&nbsp;Many Republicans are now about taking on more debt to pass the next package, while Democrats want to ramp up spending.(Forbes)&nbsp;(Forbes)(Forbes)(Forbes).&nbsp;.&nbsp;

BETAThis is a BETA experience. You may opt-out by&nbsp;Apr 24, 2020,New!Got it!As the recession caused by the coronavirus deepens and government spending on healthcare and economic aid skyrockets, the Congressional Budget Office on Friday that it expects the federal budget deficit to hit $3.7 trillion by the end of fiscal year 2020—nearly five times the current deficit at the halfway mark of the fiscal year.The current deficit for this fiscal year stands at $744 billion, according to the .&nbsp;&nbsp;The CBO is also predicting that the national debt will eclipse the annual economic output...

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Federal Budget Deficit Will Approach $4 Trillion In 2020, CBO Says, As The Economy Continues To Nosedive

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