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US debt mountain set to exceed size of entire economy, biggest since 1945

The US government’s war against the coronavirus is imposing the heaviest strain on the Treasury since America’s drive to defeat Nazi Germany and imperial Japan three-quarters of a century ago.

The Congressional Budget Office has warned that the government this year will run the largest budget deficit, as a share of the economy, since 1945, when World War II ended. Next year, the federal debt — the sum of the year-after-year gush of annual deficits — is forecast to exceed the size of the entire American economy for the first time since 1946. Within a few years, it’s on track to set a new high.

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