The Congressional Budget Office said that it expects the federal budget deficit to hit $3.7 trillion by the end of the fiscal year 2020—nearly 5 times the current deficit at the halfway mark of the fiscal year by theothersarahh
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%..
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. 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. about taking on more debt to pass the next package, while Democrats want to ramp up spending.
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