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CBO says deficit to reach $3.7 trillion in economic decline

1 year 1 month 3 weeks ago Friday, April 24 2020 Apr 24, 2020 April 24, 2020 1:08 PM April 24, 2020 in News
Source: Associated Press

WASHINGTON - A recession caused by the coronavirus pandemic and a burst of government spending on testing, health care and aid to businesses and households will nearly quadruple the government’s budget deficit to $3.7 trillion, the Congressional Budget Office said Friday.

The 2020 budget deficit will explode after four coronavirus response bills passed by Congress and signed by President Donald Trump promise to pile more than $2 trillion onto the $24.6 trillion national debt in just the remaining six months of the current fiscal year, according to the CBO.

That's more than double the deficit record set during President Barack Obama’s first year in office.

The CBO said lawmakers eventually will be forced to tackle the government’s chronic financial woes, if for no other reason than the looming insolvency of Social Security and Medicare.

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