CBO estimates that real gross domestic product will contract by 11 percent in the second quarter of this year, which is equivalent to a decline of 38 percent at an annual rate, and that the number of people employed will be almost 26 million lower than the number in the fourth quarter of 2019.
CBO plans to adjust its usual report schedule to keep the Congress informed about the rapidly evolving economic and budgetary consequences of the 2020 coronavirus pandemic.
This letter answers questions from Congresswoman Schakowsky related to federal funding for state and local governments.
The federal budget typically records a surplus in April because final tax payments for the prior year and estimated payments for the current year are usually due on April 15. But this year, the government incurred a deficit of $737 billion in April, CBO estimates, compared with a surplus of $160 billion last year.
Presentation by Phill Swagel, CBO’s Director, to the Committee on the Budget, U.S. House of Representatives.
As passed by the Senate on April 21, 2020
As enacted on March 27, 2020, as Public Law 116-136
Each quarter, CBO provides information about its work in progress. As of March 31, the agency was working on 159 cost estimates for legislation in addition to 25 analytic products.
Enacted as Public Law 116-127 on March 18, 2020
As a result of the continued disruption of commerce stemming from the coronavirus pandemic, CBO expects the unemployment rate to exceed 10 percent as gross domestic product declines during the second quarter.
As posted on the website of the House Committee on Appropriations on March 4, 2020
