Overall, coronavirus relief legislation is expected to widen the gap between federal outlays and revenues — increasing federal deficits by $2.4 trillion over the next decade.
It’s going to take at least a decade for the labor market to recover from the coronavirus (COVID-19) pandemic, according to the latest data from the Congressional Budget Office (CBO).
The federal government finances its operations with taxes, fees, and other receipts collected from many different sectors of the economy. The largest sources of revenues are individual income taxes and payroll taxes.
Properly addressing the nation’s aging infrastructure requires action not only at the federal level, but also at the state and local levels, where most infrastructure spending is carried out.
America’s economic rebound from the coronavirus pandemic seems to have begun, depending on location, according to Phillip Swagel, the director of the nonpartisan Congressional Budget Office.
Before the pandemic, the U.S. economy was in its longest expansion since World War II and had notably low unemployment. The pandemic and the resulting reductions in social and economic activity, however, have altered that trajectory.
