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Yesterday, the Congressional Budget Office (CBO) released updated long-term budget projections that show the path of federal revenues, spending, and debt through 2050. Those projections offer a look at the nation’s fiscal outlook for the decades ahead, incorporating the effects of the coronavirus (COVID-19) pandemic on federal finances. Overall, the report shows that the pandemic accelerated an already unsustainable fiscal trajectory because of its devastating effect on the economy and the necessary legislative response. Here are five key takeaways from CBO’s latest projections.
As the COVID-19 pandemic continues to unfold, significant health and economic issues will persist. However, after those hurdles have been cleared, attention will need to shift back to addressing the alarming long-term budget outlook that is outlined in this new CBO report.