Why is our government ignoring our huge federal debt?
Dallas Mavericks owner and billionaire entrepreneur Mark Cuban and FOX Business’ Neil Cavuto discuss how the federal government needs to address government spending during coronavirus.
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As lawmakers prepare to pass another round of stimulus for small businesses and hospitals, new data shows federal spending in the back half of April more than doubled.
According to a new report from NextGov, after remaining steady during the first half of April, federal spending skyrocketed by $6.4 billion in the latter half of the month (from April 13 through April 23).
The government had spent about $300 million by March 22, $2.6 billion by April 2 and $2.9 billion by April 13.
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Overall, a vast amount of the money has been allocated toward research and development. However, there was a noticeable increase in spending on medical and surgical instruments, equipment and supplies during the latter part of April ($2.3 billion). Drugs and biologicals were the next top area of federal spending at $1.3 billion.
The majority of spending tends to come from the Department of Health and Human Services.
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Meanwhile, the Federal Reserve announced Thursday that its balance sheet hit a record $6.6 trillion. That figure includes the economic impact payments doled out to American households as the central bank bought loans from banks.
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When asked about the rising national debt during a press conference this week, President Trump said the U.S. did not have a choice, noting the unprecedented nature of the pandemic.
As of Thursday, there were more than 856,200 domestic COVID-19 cases and more than 47,200 deaths.
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