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Budget deficit to hit record $3.3 trillion due to virus, recession

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USA Gold
 
Published : September 09th, 2020
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CNBC

“The federal budget deficit is projected to hit a record $3.3 trillion as huge government expenditures to fight the coronavirus and to prop up the economy have added more than $2 trillion to the federal ledger, the Congressional Budget Office said.The spike in the deficit means that federal debt will exceed annual gross domestic product next year — a milestone that would put the U.S. where it was in the aftermath of World War II, when accumulated debt exceeded the size of the economy.”

USAGOLD note:  We can remember when a $1 trillion deficit was a very big deal. Now we are at three times that number and Wall Street hardly blinks.

Cartoon courtesy of MichaelPRamirez.com

Repost from 9-4-2020
Read the rest of the article at USA Gold
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