Federal laws enacted in response to the 2020 coronavirus pandemic are projected to add $2.3 trillion to the deficit in fiscal year 2020 and $0.6 trillion in 2021. CBO estimates that the legislation will increase the level of real (inflation-adjusted) gross domestic product (GDP) by 4.7 percent in 2020 and 3.1 percent in 2021. From fiscal year 2020 through 2023, for every dollar that it adds to the deficit, the legislation is projected to increase GDP by 59 cents. In the longer term, the legislation will reduce the level of real GDP, CBO estimates. Those estimates are subject to considerable uncertainty.

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