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An Update to the Economic Outlook: 2020 to 2030

Committee for a Responsible Federal Budget – “Today, the Congressional Budget Office (CBO) released updated economic projections, incorporating the economic damage from the COVID-19 pandemic. These estimates are an update to CBO’s May projections; they incorporate data through June 26 – not including the latest jobs report – as well as the estimated effects of fiscal support enacted so far. CBO projects rapid economic growth beginning in the third quarter of this year and a return to the pre-crisis economic trajectory by 2028. Using the CBO’s latest forecasts, we have updated our ten-year budget projections, which now show that debt will eclipse the size of the economy this year and reach 120 percent of GDP by 2030.  Importantly, CBO’s projects represent the middle of a wide range of likely outcomes. The agency’s economic projections and our fiscal projections both come with a wide range of uncertainty…”

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