Federal deficit to hit record $3.8 trillion: Watchdog

The federal government will run a deficit of at least $3.8 trillion this year, likely quadrupling in just one year, a watchdog calculated Monday, as Uncle Sam opens up the checkbook to try to ease the burden of the coronavirus pandemic. President Trump will oversee a deficit equivalent to 18.7% of gross domestic product, the Committee for a Responsible Federal Budget calculated. That’s double the deficit in 2009, when President Obama was leading the country through the Great Recession. Total debt, meanwhile, will soar to more than 100% of GDP for the first time since World War II. And if anything, those projections are on the conservative side and deficits “are likely to be much higher,” CRFB said, because they only account for the laws enacted so far. Congress is already talking about another couple rounds of spending. CRFB said a surge in spending is “inevitable and necessary,” but warned the country will have to brace for tough decisions later in order to bring things back in line.

Indeed..  That is why it is SO critical that the Senate and President Trump push back against House Speaker Nancy Pelosi’s (D-CA) desire to put a LOT of unnecessary, irrelevant, liberal agenda, “pork” (or “porn” as Sen. John Kennedy calls it) into any future stimulus bills.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s