President Donald Trump (L) and Democratic Presidential candidate former Vice President Joe Biden ... [+] square off during the first presidential debate on September 29, 2020. The Congressional Budget Office said last month that for the first time since World War II, the national debt will exceed the size of the U.S. economy in the 2021 fiscal year because of trillions in new stimulus spending. Key BackgroundConcerns over the ballooning national debt were front and center this summer as lawmakers and leaders struggled to come to agreement on another federal coronavirus relief bill. Stimulus negotiations were thrown into disarray this week after President Trump abruptly announced that he had instructed his staff to pause discussions until after the November 3 election. Further ReadingMnuchin Says More Stimulus Needed—Don’t Worry About The Deficit (Forbes)Thanks To Stimulus Spending, U.S. Debt Expected To Exceed The Size Of The Entire Economy Next Year (Forbes)Pelosi Slams Trump Over Stimulus Talks Withdrawal, Standalone $1,200 Check Push (Forbes)Stocks Dive After President Trump Shatters Stimulus Hope (Forbes)

Source: Forbes October 07, 2020 20:15 UTC