The U.S. government deficit rose by 12 percent in the first two months of the 2020 fiscal year, hitting $342 billion, according to new estimates from the Congressional Budget Office.
The deficit is on track to surpass $1 trillion in the 2020 fiscal year, which began on October 1. CBO has called the deficit path “unsustainable” and warns that the increasing debt burden will push down economic growth and could worsen future financial crises.
Fed Pumps $70.2 Billion in Short-Term Liquidity Into Markets
We still don’t know what caused the Wall Street cash crunch earlier this year