That would cause the federal debt to exceed the size of the economy for the first time since World War II, the Washington Examiner reported.
Prior to the coronavirus pandemic, the CBO already had projected annual $1 trillion deficits into the future as the number of retirees grows and health-care costs rise.
Now, the CBO forecasts GDP to drop 12% in the second quarter, the equivalent of 40% on an annualized basis.
The public debt will reach 101% of GDP by the end of the year, the CBO predicts.
The last time that happened - the only time in American history - in 1945, the year World War II ended, and 1946.
That's because the CBO does not account for future spending bills that Congress is likely to pass in response to the crisis.
The CBO also assumes a 75% drop in social distancing during the second half of the year.
https://www.wnd.com/2020/04/u-s-debt-exceed-size-economy-1st-time-since-wwii/
Prior to the coronavirus pandemic, the CBO already had projected annual $1 trillion deficits into the future as the number of retirees grows and health-care costs rise.
Now, the CBO forecasts GDP to drop 12% in the second quarter, the equivalent of 40% on an annualized basis.
The public debt will reach 101% of GDP by the end of the year, the CBO predicts.
The last time that happened - the only time in American history - in 1945, the year World War II ended, and 1946.
That's because the CBO does not account for future spending bills that Congress is likely to pass in response to the crisis.
The CBO also assumes a 75% drop in social distancing during the second half of the year.
https://www.wnd.com/2020/04/u-s-debt-exceed-size-economy-1st-time-since-wwii/
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