FOX News: Trump set to preside over record spending, deficits as coronavirus costs explode
President Trump, with the support of Congress, is poised to preside over an unprecedented explosion of government spending that already is set to shatter deficit records and could grow further if plans for more coronavirus relief bills -- nearing a potential total price tag of $5 trillion -- become reality.
Even accounting for inflation, no modern administration has seen such levels of spending, covering everything from FDR's New Deal to recession-era rescues in the early part of the Obama administration.
The national debt itself already tops $24 trillion. As it stands, the 2020 deficit (the annual budget shortfall) is poised to break the record for a single-year deficit previously set under former President Obama as the U.S. government deals with the fallout from the coronavirus pandemic, passing historically expensive economic stimulus bills in an effort to soften the blow of mandatory shutdowns for businesses and public life in general.
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Update: Coronavirus pushes annual deficit forecasts toward $4 trillion (Roll Call)
WNU Editor: How much the U.S. deficit will be this year is dependent on two things. The course of the Covid-19 coronavirus pandemic, and when will the U.S. government run out of money. If the pandemic is still running its course, and the U.S. government is out of money, you can take this prediction to the bank. The U.S. will lift all restrictions and quarantines, and will stimulate the economy to levels that we have never seen in our lifetime.
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