Remember when people were all worked up over trillion-dollar government budget deficits? Those might seem like the good old days.
Congress and the White House are working on an economic stimulus bill likely to approach $2 trillion.
Economist Paul McCulley said aggressive spending to combat the coronavirus' economic impact will be "a bridge to the other side of an act of God." Estimates of just how big the final bill would be vary, but it's assured that it will be a historic moment for sheer fiscal force being exerted at a time of economic duress.in economic juice. By contrast, then-President Barack Obama ushered an $831 billion package through during the financial crisis.
Already, the national debt stands at more than $23.5 trillion and will be on track to eclipse $25 trillion. Taxpayers shelled out $574.6 billion in fiscal 2019 on interest payments for the debt and another $229.1 billion in fiscal 2020.
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