Congressional Budget Office says deficit to reach $3.7 trillion in economic decline
WASHINGTON — A recession caused by the coronavirus pandemic and a government spending spree on testing, health care and aid to businesses and households will nearly quadruple the federal budget deficit to $3.7 trillion, the Congressional Budget Office said Friday.
The report is full of gloomy economic news, predicting a devastating hit to the economy this quarter at an annualized rate of decline of 40%, accompanied by a 14% unemployment rate. 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.
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