The coronavirus-driven economic crisis has swept the whole world. Thousands of ordinary people are losing their jobs and income. In such desperate and dark times, the US government is trying to support its citizens and improve their financial well-being. The first priority for the country is to minimize the economic impact of COVID-19. Now the US government is facing a real challenge as it should eliminate the virus, ensure support for the population and businesses, and revive the economy. However, the main problem lies in the public debt. Its amount has already ballooned to a new record high. Besides, the country plans to borrow $3 trillion in the second quarter and an additional $677 billion in the July-September quarter. Washington intends to issue $4.4 trillion in new bonds this year, which is more than in the past five years. The last time the US made a huge borrowing was at the height of the global financial crisis in 2009. Even back then, the country needed only $1.85 trillion. Now its debt is moving up to a record $4.4 trillion, surpassing the previous figure by almost two and a half times. Nevertheless, even despite the humongous public debt, the US government is ready to spend as much money as necessary to help people survive the corona crisis.
