The overall price tag of the fiscal stimulus package in the US could be around one trillion dollars. With record budget deficits and its national debt at $23 trillion, is the US hastening toward a fiscal reckoning? The Trump administration wants to send direct cash payments to Americans in the coming weeks to help them cope with the economic ravages of coronavirus, part of a massive relief package developed between the White House and Capitol Hill. The overall price tag of the package is more than $1 trillion, making it one of the largest federal emergency fiscal packages ever assembled. Whether this is a temporary downturn or a full-blown recession, two things will happen. Tax revenues will fall as people’s income drops, and Federal spending will rise. The result will be higher deficits.
Source: Premature? The US debt crisis was supposed to happen around 2035. Is Covid-19 the stimulus?