U.S. is closing in on doing something it hasn’t done since World War II — borrowing more money than

[libertybele]

U.S. is closing in on doing something it hasn’t done since World War II — borrowing more money than it raises

Amid the economic devastation caused by the coronavirus pandemic, the U.S. government is nearing a new — and potentially ominous — fiscal milestone: It will borrow as much or more this year than it raises through taxes and other means.

The last time that happened was in the final year of World War II. According to White House Council of Economic Advisers data, the government raised $45.2 billion in 1945 and ran a deficit of $47.6 billion that year.

The government covers the difference between what it brings in and what it spends each year by borrowing. (Technically, it borrows even more in order to have cash on hand and roll over maturing debt.)

Through July, the government had raised $2.824 trillion in revenue, mostly through income taxes and payroll taxes. But it had spent $5.631 trillion, leaving a hole of $2.807 trillion filled by borrowing.

https://www.marketwatch.com/story/u-s-closes-in-on-something-it-hasnt-done-since-wwii-borrow-more-money-than-it-raises-11597494896?mod=home-page

[Hoodat]

The US isn't borrowing money.  It is printing up new money.  If government had to borrow $3 trillion, interest rates would shoot up to 25%.