Prior to the pandemic, the U.S. was already expecting a budget deficit of about $1 trillion for the current fiscal year.
When Trump took office, the U.S. national debt stood at about $20 trillion. During his presidential campaign, Trump promised to eliminate the national debt within eight years and predicted economic growth of 6 percent. In reality, annual gross domestic product growth has peaked at less than half that level since the president entered the White House.
In addition to the expansive stimulus package being worked on in Congress, the Federal Reserve on Monday announced a series of additional measures to shore up the economy. The central bank plans to buy up as many mortgage-backed securities and government bonds as necessary to boost the economy. Already, the Federal Reserve injected $1.5 trillion into short-term money markets earlier this month. It also cut interest rates to about 0 percent last week.
While health experts and some administration officials believe many businesses will need to remain closed for many weeks, as workers stay home across the country to prevent the spread of coronavirus, Trump suggested on Sunday evening that he was hoping for a different approach.] PERIOD, WE WILL MAKE A DECISION AS TO WHICH WAY WE WANT TO GO!" he tweeted.
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