Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
US debt will overtake GDP next year for the first time since 1946, CBO says
One thing that is ignored in light of all of the distractions generated by Trump is how Trump put the County on a path to unsustainable debt by cutting taxes in an effort early on to boost an already growing and strong economy. Now, Republicans will seize on this debt not to repeal the tax cuts, but to cut Social Security and Medicare.
https://www.cnn.com/2020/09/02/politics/cbo-us-debt-projected-to-overtake-gdp/index.html
Washington (CNN)The US debt is projected to exceed the size of the entire country's economy next year, the Congressional Budget Office said Wednesday.
It will be the first time the federal debt could be bigger than the US gross domestic product since 1946, just after World War II.
The CBO also projected that the federal budget deficit will hit $3.3 trillion this year, more than triple the shortfall recorded in 2019. That would be the largest deficit as a percentage of GDP since 1945.
The increase is mostly caused by the economic fallout of the coronavirus pandemic, which is shrinking GDP as Congress spends trillions of dollars to help keep the economy afloat. Lawmakers approved $3.7 trillion in spending earlier this year, sending out stimulus payments directly to American households, boosting unemployment benefits and expanding lending to small businesses.
It will be the first time the federal debt could be bigger than the US gross domestic product since 1946, just after World War II.
The CBO also projected that the federal budget deficit will hit $3.3 trillion this year, more than triple the shortfall recorded in 2019. That would be the largest deficit as a percentage of GDP since 1945.
The increase is mostly caused by the economic fallout of the coronavirus pandemic, which is shrinking GDP as Congress spends trillions of dollars to help keep the economy afloat. Lawmakers approved $3.7 trillion in spending earlier this year, sending out stimulus payments directly to American households, boosting unemployment benefits and expanding lending to small businesses.
4 replies
= new reply since forum marked as read
= new reply since forum marked as read
