4 See Board of Governors of the Federal Reserve System (2020), “Coronavirus Disease 2019 (COVID-19): Funding, Credit, Liquidity, and Loan Facilities,” webpage, https://www.federalreserve.gov/funding-creditliquidity-and-loan-facilities.htm. 1  -2Reserve Act required substantial cooperation between the Department of the Treasury and the Federal Reserve.
The Congress has provided spending of roughly $ trillion during the past year to deal with the pandemic and its effects on the economy.5 This action has pushed the ratio of publicly held U.S. debt to nominal gross domestic product to more than 100 percent for the first time since World War II.