As Coronavirus cases continue to hold near record levels across the country along with a mounting death toll, newly released figures show U.S. GDP fell a historic 32.9 percent in the second quarter of this year. 

Combined with a 5 percent crash in the first quarter, U.S. GDP is now down an astounding 37.9 percent since the beginning of 2020. 

At the same time, U.S. debt levels continue to rise as a number of different stimulus plans have been passed to shore up the economy costing trillions of dollars, with another trillion-dollar-plus measure now under consideration by the U.S. Congress. 

At the moment, White House officials still remain optimistic that economic growth will return in the third quarter, and that higher-quality therapeutics and a vaccine will not only create the necessary foundations for lower overall Coronavirus cases and deaths, but also provide a springboard for an economic resurgence that could be historic. 

"We know how bad people are hurting, we are hurting seeing how our nation is suffering. The best we can do now is fight this virus with every tool in our tool kit--more stimulus, better therapeutics, and a race towards an effective vaccine that can prevent COVID-19 from spreading saving countless lives over the long haul. If we do all of that, perhaps by the holidays, we can hopefully see a lot of light at the end of the tunnel, at least, that's the hope," explained one Senior White House aid. 

"But we know none of this will be easy. We face a historical public health crisis that, at the same time, is damaging our overall economic vitality and could take some time to repair. The virus itself has also become politicized, making any policy options placed on the table part of partisan debate on tv and in social media for weeks on end." 

This is breaking news. Please check back as more updates are available. 

Harry Kazianis is a Senior Director at the Center for the National Interest. You can follow him on Twitter: @Grecianformula. 

Image: Reuters.