Compared to size of the U.S. economy, this year’s fiscal deficit will be worst since World War II.
“This pandemic is tragic on so many fronts and today’s massive borrowing is a cost of mitigating this pain. The warning bells this report contains should not cause a premature end to borrowing, but a commitment to dealing with the debt at the appropriate time,” said Maya MacGuineas, president of the bipartisan Committee for a Responsible Federal Budget.