Repaying the national deficit

The nation's deficit is now in the trillions of dollars, thanks in part to the multiple coronavirus stimulus bills.

The government is eventually going to need that money back, and you may not like how they do it.

SCRIPPS REPORTER MAYA RODRIGUEZSPOKE TO AN ECONOMIC EXPERT WHOSAYS...THE GOVERNMENT IS GOING TOEVENTUALLY NEED TO GET THATMONEY BACK...AND YOU MAY NOT LIKE HOWTHEY DO IT.UNEMPLOYMENT IN THE U-S NOWREACHES WELL ABOVE 30-MILLIONPEOPLE.HISTORIC LEVELS ANDDESPERATION.((00:07 - CNN)) MARSHA MILLER,HEADLINES SALON AND SPA: "WEHAVEN'T GOTTEN PAYCHECK IN 6WEEKS, WE HAVEN'T GOTTENUNEMPLOYMENT.WHAT ARE WE SUPPOSED TO DO?"BECAUSE OF THAT IT'S HARDFOR MANY TO THINK BEYOND THISWEEK LET ALONE THIS YEAR.SOME ARE, THOUGH.((03:43)) JIM ANGEL, GEORGETOWNUNIVERSITY FINANCE PROFESSOR:"WE NEED TO HAVE A LONGER-TERMPLAN." JIM ANGEL IS A PROFESSOROF FINANCE AT GEORGETOWNUNIVERSITY.HE SAYS PLANS LIKE THEPAYCHECK PROTECTION PROGRAM FORSMALL BUSINESSES AND THE12-HUNDRED DOLLAR STIMULUSCHECKS MANY WORKERS GOT MAYSEEM LIKE FREE MONEY TO THOSEGETTING THE HELP.

BUT IT'S NOT.((05:41)) JIM ANGEL, GEORGETOWNUNIVERSITY FINANCE PROFESSOR:"THIS IS AN ELECTION YEAR ANDWITH A CLOSELY FOUGHT BATTLECOMING OUR WAY, IT'S NOSURPRISE THAT THE POLITICIANSARE SAYING, 'LET'S GIVEEVERYBODY FREE MONEY.'

THEQUESTION IS WHO'S GOING TO PAYFOR THIS." HE HAS AN ANSWERBUT YOU MAY NOT LIKE IT.((05:59)) JIM ANGEL, GEORGETOWNUNIVERSITY FINANCE PROFESSOR:"WHEN THE GOVERNMENT GIVES YOUMONEY, IT'S NOTHING MORE THAN ATEMPORARY LOAN." // ((06:14))"DON'T LET ANYBODY KID YOU --WHAT THE GOVERNMENT GIVES YOUWITH ONE HAND, THEY TAKE WITHTHE OTHER." ((GFX GOES HERE))CONGRESS IS NOW LOOKING AT APOTENTIAL FIFTHCORONAVIRUS-RELATED STIMULUSPACKAGE.THE LATEST ONE - FROM THE HOUSE- WOULD BE WORTH AROUND((GFX ENDS HERE)) EVENTUALLY -ALL THAT STIMULUS MONEY WILLNEED TO BE MADE UP SOMEWHEREDOWN THE LINE.THAT COULD COME IN THE FORM OFDEEP SPENDING CUTS ON FEDERALPROGRAMS LIKE FOOD STAMPS ORMEDICAID AND THE POTENTIALFOR RAISING TAXES IN THECOMING YEARS.((10:24)) JIM ANGEL, GEORGETOWNUNIVERSITY FINANCE PROFESSOR:"WE'RE ALL GOING TO PAY FOR ALLTHE MONEY THAT'S BEING SPENTRIGHT NOW.IT'S JUST A QUESTION OF WHO,WHAT, WHEN, WHERE AND HOW."QUESTIONS TEMPORARILY ONHOLD AMID TODAY'S WIDESPREADFINANCIAL PAIN.IN WASHINGTON, I'M MAYARODRIGUEZ REPORTING.AS UNEMPLOYMENT RATES CONTINUETO SOAR...