Federal deficit swells to nearly $3 trillion in first 10 months of fiscal year 2020
Monday, August 10, 2020 | Tag Cloud Tags: CBO, Congress, coronavirus, deficit, News, United States, virus, Washington, White House, Worthy News | Learn about out FREE SYNDICATION
(Worthy News) – The federal deficit so far this fiscal year is at $2.8 trillion, roughly $2 trillion higher than the deficit for the same period last year, according to the Congressional Budget Office.
To put the figure in context, during the 2007-09 Great Recession, the highest deficit figure was $1.5 trillion, according to the White House.
The CBO, Congress’s official bookkeeper, projected in January, before the pandemic hit the United States, that the deficit for 2020 would be just over $1 trillion. It will now likely be triple that amount as lawmakers debate another coronavirus relief package that could cost anywhere between $1 trillion and $3 trillion. [ Source: Washington Examiner (Read More…) ]
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.
Tag Cloud Tags: CBO, Congress, coronavirus, deficit, News, United States, virus, Washington, White House, Worthy News