$3 trillion dollar deficit surpasses previous records.
In their monthly report last week, the U.S. Department of the Treasury announced the debt left behind as the country sought to cushion the impact of the pandemic. With $3 trillion spent so far, the Treasury estimates that it will reach $3.3 trillion by the end of 2020’s fiscal year, far beyond last year’s debt of $984 billion.
The previous record for U.S. annual debt was the $1.4 trillion accrued in 2009 in the wake of the 2008 recession. The Congressional Budget Office estimates that by the end of this year, the national debt will make up for 98% of the U.S. economy, a rate not seen since the debt accrued after fighting in World War II.
As the Lord Leads, Pray with Us…
- For wisdom President Trump as he seeks the best solutions to the challenges the nation faces.
- That the Treasury Department would be granted insight as to how best mitigate this financial crisis.
- That the Congressional Budget Office would have insight as they plan how best to utilize U.S. financial resources.
Sources: AP, Reuters
