As the national debt approaches $27 trillion, Congress says federal stimulus spending must continue due to the pandemic, Just the News reported. The government spent $864 billion more than it took in during June, bringing the deficit to a record $2.7 trillion so far this year. According to Treasury Department data, the debt held by the public is $20.6 trillion and the total outstanding national debt is more than $26.5 trillion. In 2019, the U.S. gross domestic product was about $21.4 trillion. Rep. Thomas Massie (R-Ky.) said in June that he thinks the national debt will hit $40 trillion by the end of the coronavirus pandemic. Some experts have predicted that the debt held by the public will soon exceed the nation's entire GDP. Despite the rising deficit, a fourth coronavirus stimulus package is being crafted in the GOP-led Senate after the Democratic-led House passed the $3 trillion HEROES Act in May. Senate Majority Leader Mitch McConnell (R-Ky.) has said that any additional coronavirus stimulus package that passes in the Senate would be the last one. A formal proposal has not been released yet.
