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If lawmakers do not agree on raising or suspending the debt limit before the extraordinary measures are exhausted, there would be severe consequences for both the federal government and the economy.
The latest budget outlook released by the Congressional Budget Office (CBO) is the first to fully capture the budgetary impact of the coronavirus (COVID-19) pandemic and the federal legislation enacted in response to it.
Following the pattern of previous years, this budget largely relies on very optimistic projections of economic growth and unlikely budget cuts to reduce the deficit.
The latest report from the non-partisan Congressional Budget Office (CBO) reiterates that the federal budget is on an unsustainable trajectory.