The Congressional Budget Office (CBO), the federal, nonpartisan budgetary scorekeeper, recently released its updated budget outlook, and it paints a dreary picture of the country’s fiscal state in the aftermath of the pandemic. While this doesn’t necessarily mean the unprecedented levels of spending in response to the coronavirus crisis were wrong, it does recommend caution when deciding whether to enact more emergency measures.
In order to combat a rampant pandemic and the economic shutdowns it brought about, Congress embarked upon a spending spree that may not yet be finished. While policy analysts had already been concerned about the trillion-dollar deficit the country was projected to have to handle this year, a mere trillion-dollar deficit sounds rather nice right now.
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