U.S. budget deficit to hit record $3.6 trillion, topping Obama’s 2009 stimulus package

So much for fiscal conservatism.

President Donald Trump and the Republicans are set to prise the largest budget deficit of all time, despite lambasting former President Barack Obama and the Democrats’ spending ways.

The fiscal year 2020 federal budget deficit is set to hit $3.6 trillion, more than doubling the stimulus plan that Obama initiated in 2009.

What’s worse is that Goldman Sachs’ projections do not include additional relief packages being discussed on Capitol Hill.

And, even before the coronavirus outbreak, the president was set to record a $1.02 trillion shortfall. The latest figure shows that the budget deficit was already eight percent higher in the first half of FY2020 than last year.

Overall, this means Trump is going to add close to $4 trillion to the national debt in a single year.

You can’t also forget about the Federal Reserve printing trillions of dollars overnight to shore up financial markets.

The United States is in a mess, and this is one debt that the nation will never repay.

It is no surprise that the deficit is not dominating the political headlines, but Republicans should never complain about the Democrats in the future. They have only added to the debt and deficit and never paid it down in modern history.

Sad!