The US debt pile could swell further as COVID-19 drives lasting uncertainty, Treasury Department says

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Even as vaccines are distributed nationwide and COVID-19 cases fall, the US government may need to take on swaths of new debt to get through the pandemic.

Borrowing related to the costs of COVID-19 is likely to stay elevated well into 2021, the Treasury Department said Wednesday. The government expects to continue ramping up its debt offerings to pay for hefty economic stimulus, public health measures, and other pandemic-related costs.

Public debt in the US reached a record $27.7 trillion at the end of 2020. The sum stands to soar even higher as Democrats push for additional details ⇒

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