Watchdog Report: Debt will exceed U.S. economy in 2020


(Worthy News) – Debt held by the public will exceed the size of the U.S. economy by the end of fiscal 2020, a watchdog said Monday.

The United States already faced trillion-dollar deficits ahead of the coronavirus pandemic, the Committee for a Responsible Federal Budget said in its report. Now that debt will “grow much higher,” as a result of the crisis and the relief aid money passed in legislation to address it.

The CRFB projects the deficit in fiscal 2020 will be more than $3.8 trillion or 18.7 percent of gross domestic product. The $3.8 trillion deficit is also more than 2.5 times the $1.4 trillion record set in 2009 following the economic downturn, called the Great Recession, from 2007 to 2009 after the U.S. housing bubble burst. It’s also nearly four times the $984 billion deficit for fiscal 2019. [ Source: UPI (Read More…) ]

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