Pandemic will necessitate a deficit of $2T to $5T, economists say

Economists say that the federal government’s response to the coronavirus pandemic can and should at least double the annual deficit by $2 trillion or much higher.

“There’s potential for the deficit to hit 10% of GDP, and I’d say a fairly likely one,” Jared Bernstein told the Washington Examiner.

Bernstein was the chief economic adviser to Vice President Joe Biden from 2009 to 2011 and is now a senior fellow at the Center on Budget and Policy Priorities, a left-of-center think tank.

With the gross domestic product at nearly $22 trillion in 2019, a deficit that size could amount to more than $2 trillion.

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