US CBO sees deficit exploding amid steep recession

Washington (AFP) – As data showing the severe economic damage from the coronavirus pandemic continues to pile up, the Congressional Budget Office said Friday the US budget deficit will explode this year to $3.7 trillion.The estimate is more than triple the CBO’s forecast last month, and comes after Congress rushed out multiple aid packages totaling nearly $3 trillion to help workers and businesses amid the widespread lockdowns imposed to contain the coronavirus pandemic.As the US death toll from COVID-19 hit 50,000 and most businesses nationwide remain shuttered or sharply curtailed, GDP in th…

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