The latest report published by the US Congressional Budget Office (CBO) on Monday, warned of the US federal debt expansion, courtesy of the coronavirus fiscal response, and its impact on the economy.
Key takeaways (via Xinhua)
“Even after the effects of the 2020 coronavirus pandemic fade, deficits in coming decades are projected to be large by historical standards,”
“The federal deficit to increase from 5 percent of US gross domestic product (GDP) in 2030 to 13 percent in 2050.”
“High and rising federal debt makes the economy more vulnerable to rising interest rates and, depending on how that debt is financed, rising inflation.”
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