CBO: US economy may take $15.7T hit

WASHINGTON — The Congressional Budget Office has said the U.S. economy could be $15.7 trillion smaller over the next decade than it otherwise would have been if Congress does not mitigate the economic damage from the coronavirus.

The CBO, which had already issued a report forecasting a severe economic impact over the next two years, expanded that forecast Monday to show that the severity of the economic shock could depress growth for far longer.

The new estimate said that over the 2020-30 period, total GDP output could be $15.7 trillion lower than CBO had been projecting as recently as January.