Fox:
President Trump, with the support of Congress, is poised to preside over an unprecedented explosion of government spending that already is set to shatter deficit records and could grow further if plans for more coronavirus relief bills — nearing a potential total price tag of $5 trillion — become reality.
Even accounting for inflation, no modern administration has seen such levels of spending, covering everything from FDR’s New Deal to recession-era rescues in the early part of the Obama administration.
Via: Roll Call:
Just a few months ago, fiscal hawks bemoaned the return of trillion-dollar deficits.
What a difference a pandemic makes.
Independent forecasters now expect this year’s budget deficit to nearly quadruple the pre-coronavirus estimate, reaching nearly $4 trillion. That amount of red ink in a single fiscal year would dwarf the deficit peak of $1.4 trillion during the Great Recession and, as a share of the economy, approach levels not seen since World War II.