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Nearly $4 trillion has been allocated to combat the effects of the virus, according to the nonpartisan Committee for a Responsible Federal Budget.
The federal debt held by the public is projected to exceed 100% of the gross domestic product in 2021 and surge to 107% in 2023, which would be the highest in the nation’s history, according to the CBO.
Michael A. Peterson, CEO of the Peter G. Peterson Foundation, said that the already deteriorating fiscal situation facing the federal government has been accelerated by its response to the pandemic.
“This report shows that our unsustainable fiscal challenges have rapidly accelerated, as our national debt will now exceed the size of our entire economy next year,” he said.