CBO says deficit to reach $3.7 trillion in economic decline

WASHINGTON — 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.

The report is full of gloomy economic news, predicting a devastating hit to the economy this quarter at an annualized rate of decline of 40%, accompanied by a 14% unemployment rate. Even Washington’s few remaining spending hawks say the flood of red ink should not be a focus in the short term as the government takes unprecedented steps to respond to a shrinking economy, unemployment levels not seen since the Great Depression, and shutdown orders lasting well into next month or beyond.

RT WhiteHouse When is the Trump celebration about loss of 26 million jobs and 50,000 deaths?

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