The $8 trillion coronavirus tab (that is projected over the next decade) will accelerate the projected growth of the national debt by six years. The US was already on a collision course for potential debt crisis, where rising debt and interest costs would overwhelm Washington’s ability to tax or borrow. The new spending means lawmakers have less time, six years less, to avert a potential debt crisis and get spending to sustainable levels.
As soon as the economy recovers, lawmakers should face pressure to get America’s fiscal house in order.
Brian Riedl is a senior fellow at the Manhattan Institute. He is the author of the new report, "Coronavirus Budget Projections: Escalating Deficits and Debt." Follow him on Twitter @Brian_Riedl.
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