Lawmakers hand-wringing over debt accumulating from coronavirus relief spending

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 it 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.

The Treasury Department, in its announcement, said the U.S. economy experienced an “exogenous shock from the 2019 novel coronavirus (COVID-19) pandemic and the extraordinary measures taken to respond to it. These policies, which include social distancing requirements and mandated business closures, have reduced the spread of the virus but have also triggered a sudden, sharp decline in economic activity.”

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