Who Will Fund $24 Trillion in New Government Debt?

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The federal government’s expensive response to the coronavirus pandemic makes an already-bleak long-term fiscal outlook even bleaker.

NRPLUS MEMBER ARTICLE A fter five years in which federal budget deficits gradually climbed toward $1 trillion, the coronavirus pandemic forced Washington to borrow $1 trillion per month between April and June. And this is just the beginning. The unlikelihood of a quick economic recovery and the additional relief legislation sure to come out of Congress should together push the deficit to roughly $4 trillion in 2020 and ensure that it averages $2 trillion annually over the rest of the decade.

As a result, the national debt held by the public — $17 trillion earlier this year — is projected to reach a staggering $41

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