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U.S. Deficit to Reach $2.3 trillion in 2021 | Will the Debt Bubble Burst | Breaking News

Welcome to the Economic countdown America’s federal debt is set to exceed the size of the entire U.S. economy this year for only the second time since the end of World War II,

this is a reflection of the extraordinary emergency measures approved by Congress in response to the corona virus pandemic, the nonpartisan Congressional Budget Office.

The huge surge in federal borrowing is due largely to the more than $4 trillion in spending approved by the federal government to fight the pandemic since March.

As a result, the federal government’s debt burden in 2021 will be larger than the size of the total U.S. GDP(gross domestic product), the GDP is
a measure of all the goods and services made and sold in the economy.



According to the CBO. 2020 was the first time this had occurred since 1946, when the country was fresh out of World War II.



U.S. Deficit to Reach $2.3 trillion in 2021 | Will the Debt Bubble Burst | Breaking News

Democratic lawmakers and many economists say another spending blitz is required to stabilize an economy that has stalled out and a job market that faces the prospect of permanent problems.
Federal Reserve Chair Jerome H. Powell said the unemployment rate for January should be considered closer to 10 percent, rather than the official number of 6.3 percent, due to misclassification errors and workers permanently leaving the labor force. Republican lawmakers and deficit hawks warn that such unprecedented levels of peacetime spending threaten a risk to the economy. A sudden surge in inflation — while not currently considered likely or imminent — could force the Federal Reserve to raise interest rates, which would in turn dramatically increase the costs of U.S. borrowing. The central bank has vowed to keep interest rates low.
The CBO’s debt estimates are based on current policy and do not account for the $1.9 trillion stimulus package Congress expected to pass in a matter of weeks. The United States is projected to hold about $21 trillion in debt in 2021, and that number is expected to increase to $32 trillion by 2030.

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