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

June 16, 2020

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 ...

To read this article in Fox News website in its entirety, click here.

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