US Federal deficit unexpectedly set to double this year
From axios.com
The federal deficit is expected to nearly double this year, from about $1 trillion last year to $2 trillion for the fiscal year ending Sept. 30 Why it matters: There's no precedent for deficits this large, as a share of the economy — outside war, deep recession or pandemic. • The WashPost's Jeff Stein reported Sunday on the stunning projected figure from the Committee for a Responsible Federal Budget. Between the lines: Such huge spending imbalances contribute to high interest rates for consumers — including mortgages — in the short run. • In the long run, it means interest costs will likely squeeze all other federal ...
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