Mounting federal debt is not new, but the speed at which it’s climbed since the enactment of the $2.2 trillion coronavirus stimulus relief spending measure has lawmakers increasingly concerned.
Treasury Secretary Steven Mnuchin announced earlier in the week the treasury will borrow nearly $3 trillion in the second quarter to cover the federal government’s response to the COVID-19 virus crisis, in addition to the $677 billion third-quarter loans, bringing the full fiscal year debt to almost $4.5 trillion.
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