WP the US national debt will grow to a record size

MOSCOW, 19 Jul — RIA Novosti. The public debt of the United States and the debts of American corporations in 2020 reached a record size because of the pandemic of coronavirus, according to The Washington Post.

the Federal budget Deficit to grow to four trillion dollars, which has not happened since 1945. And large corporations such as ExxonMobil and Walgreens, have already used a credit line, but still in need of funds.

Entrepreneurs are faced with a choice: either to skip payments on loans or lay off employees. Banks have asked the citizens to pay off student loans and credit card debt.

as measures to support the economy the Federal reserve has lowered its key interest rate to zero and has added to its portfolio two trillion dollars — the same amount was added within four years after the great depression.

Finance Minister Steven Mnuchin previously said that the state should not spare money to support a business that is suffering losses because of the epidemic.

“the Stakes are now so low that borrowing money is very cheap. In the future, we will eliminate the deficit, but now is not the time to worry about it,” explained the Minister.

According to the International monetary Fund, U.S. GDP will fall by the end of this year, 5.9% ahead — powerful quarter collapse (according to JP Morgan, up to 40%).