Wednesday, August 5, 2020

US heading for $ 3.7 trillion budget deficit

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According to the Budget Office of the Congress (CBO), the US deficit will increase to $ 3.7 trillion.

(Photo: AP)

Washington The US budget deficit will rise to a record $ 3.7 trillion this year, nearly quadrupling, according to independent Congress experts. The reason is the consequences of the coronavirus pandemic on the economy and the massive aid programs of the government, as announced by the Budget Office of the Congress (CBO) on Friday.

The US economic output (GDP) is expected to shrink by about twelve percent in the second quarter, which corresponds to a decrease of 40 percent over the year.

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