Transcript for By the Numbers: Federal debt expected to exceed size of US economy
A pandemic has been called a war against an invisible enemy and fighting it hasn't been cheap. Well now for the first time since World War II the US national debt is projected to grow larger than our entire economy. We take a look at what this means by the numbers. 3.3 trillion dollars is the projected US federal budget deficit for 22 when he according to a Congressional Budget Office report. Published today that's more than three times the budget deficit of last year. And makes our total national debt swelled to a record setting 26 trillion dollars. For the first time since World War II the report print Jack's our national debt will be more than 100%. Of the size of our whole. GDP. And debt to GDP will rise to 107%. In 20/20 three the highest in our country's history. Added we get here well in part the federal government is already spent upwards of three trillion dollars on pandemic released. With more stimulus spending expected. While our economy recently contracted by 32 point 9%. As tens of millions of Americans. Lost work. But rather oddly the stock market continues to soar the Dow today ended. Above 29000. The highest since the pandemic correct our economy.
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