COVID-19 and Short-Run Federal Deficits Updated [April 17, 2020]   [open pdf - 724KB]

From the Document: "The COVID-19 [coronavirus disease 2019] outbreak and ensuing economic shock may have major effects on future federal budget deficits (the amounts by which annual outlays exceed annual revenues). The latest federal budget baselines from the Congressional Budget Office (CBO) and Office of Management and Budget (OMB) use economic forecasts produced before the COVID-19 outbreak; baselines with updated forecasts would typically not be expected for several months, though agencies could decide to provide updates sooner. This Insight briefly discusses the effects that recent economic and legislative developments may have on short-term federal budget outcomes."