CBO’s Current Projections of Output, Employment, and Interest Rates and a Preliminary Look at Federal Deficits for 2020 and 2021 – “The economy will experience a sharp contraction in the second quarter of 2020. In CBO’s current economic projections, inflation-adjusted gross domestic product (real GDP) declines by about 12 percent in that quarter, equivalent to a 40 percent annualized rate of decline. The unemployment rate averages close to 14 percent, and interest rates on 3-month Treasury bills and 10-year Treasury notes average near 0.1 percent and 0.6 percent, respectively. If the laws governing federal spending and revenues generally remained unchanged, the federal budget deficit would be $3.7 trillion in fiscal year 2020, and federal debt held by the public would equal 101 percent of GDP by the end of the fiscal year, CBO projects…”