Coronavirus pandemic
The Washington PostDemocracy Dies in Darkness

Coronavirus fallout will haunt U.S. economy for years, costing it $8 trillion through 2030, CBO says

Drop in consumer spending and revenue will dampen growth for years, government office says.

By
June 1, 2020 at 3:50 p.m. EDT
A business in San Antonio is closed because of the coronavirus. (Eric Gay/AP)

Fallout from the coronavirus pandemic will shrink the size of the U.S. economy by roughly $8 trillion over the next decade, according to new projections released by the Congressional Budget Office on Monday.

In a letter to U.S. lawmakers, the CBO said the U.S. economy will grow by $7.9 trillion less from 2020 to 2030 than it had projected in January. That amounts to a 3 percent decline in U.S. gross domestic product compared to its initial estimate.