Pandemic’s $16 Trillion Bill Will Come Due as Debt Surges: Fitch

A blowout in government borrowing since the pandemic began will ultimately require spending cuts and higher taxes to get public finances back on track.

That’s a lesson from economic history highlighted by James McCormack, Fitch’s global head of sovereign ratings, who said that even if austerity is not on the agenda right now, the bill to pay for the pandemic will come due.