CBO says deficit to reach $3.7 trillion in economic decline

Federal Times: 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.

Among the legacies of the outbreak, a CBO report says, is a pile of trillions of dollars of debt, amassed by a political system that has proved incapable of taking even small steps to constrain this problem.

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