COVID-19’s punishing effects on the federal deficit and debt
The Committee for a Responsible Federal Budget (CRFB) has a new report on COVID-19’s deleterious effects on the feral budget. CRFB projects:
Deficits will expand by $5.7 trillion over the 2020-2030 window as a result of the current crisis and response to date, to almost $20 trillion under current law. The budget deficit will total $3.7 trillion (17.9 percent of GDP) in 2020 and average $1.6 trillion (6.3 percent of GDP) per year from 2021 through 2030. As a share of the economy, debt will grow from 79 percent of GDP before the crisis to 101 percent by the end of 2020 and 118 percent of GDP by 2030.
|Topics:||Budget & Appropriations|