Recession caused by coronavirus pandemic and a burst of government spending will nearly quadruple the government’s budget deficit to $3.7 trillion, US Congressional Budget Office said Friday.
, the report says, is a pile of trillions of dollars of debt, amassed by a political system that has proved incapable of taking even small steps to constrain this problem.
Even Washington’s few remaining spending hawks say the flood of red ink should not be a focus in the short term as the government takes unprecedented steps to respond to a shrinking economy, unemployment levels not seen since the Great Depression, and shutdown orders lasting well into next month or beyond.
The era of successful action to tackle debt and deficits ended more than two decades ago. In the interim, a divisive brand of politics has taken hold, making the kind of painful sacrifices required to even dent the deficit virtually impossible to pull off.
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