Fox News: National Debt Tops $26 Trillion, Record Deficit Reported as Coronavirus Relief Spending Goes into Overdrive

Article by Evie Fordham in Fox News

The national debt rose above $26 trillion for the first time this week, as the U.S. government spends at a historic pace while pumping trillions into coronavirus relief.

The debt has been climbing upward at a startling pace. According to data released by the Treasury Department, the national debt hit $24 trillion on April 7 and $25 trillion on May 5.

Meanwhile, the government recorded a budget deficit of $1.88 trillion for the first eight months of this budget year, larger than any annual shortfalls in U.S. history. The deficit for the October-May period was more than double the $738.6 billion for the same period last year, according to Treasury Department numbers released Wednesday.

The Congressional Budget Office is forecasting that this year’s deficit will hit $3.7 trillion, which would be more than double the record $1.4 trillion deficit set in 2009.

Senior Treasury Department officials said in May that the U.S. is borrowing more in the second quarter than in all of 2019 because ...

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