U.S. to borrow $3tn as spending soars amid pandemicMay 5, 2020 - 10:40 AMT PanARMENIAN.Net - The United States has said it wants to borrow a record $3tn in the second quarter, as coronavirus-related rescue packages blow up the budget, the BBC reports. The sum is more than five times the previous quarterly record, set at the height of the 2008 financial crisis. In all of 2019, the country borrowed $1.28tn. The US has approved about $3tn in virus-related relief, including health funding and direct payouts. Total U.S. government debt is now near $25tn. The U.S. Congressional Budget Office last month predicted the budget deficit would hit $3.7tn this year, while the national debt soared above 100% of GDP. Last week, the chair of America's central bank, Jerome Powell, said he would have liked to see the US government's books be in better shape before the pandemic. Photo. Getty Images Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. Macron says France commemorates 109th anniv. of Armenian genocide Today France commemorates the 109th anniversary of the Armenian genocide of 1915, Macron says. Freedom House concerned by mounting reports of police violence in Armenia Freedom House urged Armenian authorities to investigate this pattern of excessive force and inhumane treatment. |