CBO discusses choices about revenues and spending that lawmakers face in addressing the shortfall in the Highway Trust Fund as well as options for subsidizing state and local governments’ financing of highway projects.
May 2020
CBO estimates that real gross domestic product will contract by 11 percent in the second quarter of this year, which is equivalent to a decline of 38 percent at an annual rate, and that the number of people employed will be almost 26 million lower than the number in the fourth quarter of 2019.
CBO learns from many outside experts, including our Panel of Economic Advisers, about important analytical issues in the advisers’ areas of expertise and to obtain feedback about our economic forecast.
The federal budget typically records a surplus in April because final tax payments for the prior year and estimated payments for the current year are usually due on April 15. But this year, the government incurred a deficit of $737 billion in April, CBO estimates, compared with a surplus of $160 billion last year.