US deficit is a ticking time bomb for world economy

File photoThe US’ coronavirus-induced economic emergency is now almost certain to turn into a debt nightmare as reflected by the country’s latest budget estimates.Due to the pandemic’s blow to its economy and massive stimulus spending, the US budget deficit for fiscal year 2020 is estimated to nearly quadruple to a record $3.8 trillion, equivalent to 18.7 percent of the country’s GDP, the Committee for a Responsible Federal Budget (CRFB) said on Monday. And the projected figure may still have been underestimated as the watchdog assumes the US government will not unveil any new economic stimulu…

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