The independent budget agency noted that some of the aid is in form of loan guarantees, which won’t have a net effect on the federal budget
The colossal economic rescue package passed by Congress last month amid the pandemic will increase federal deficits bythe Congressional Budget office estimated Thursday.
The legislation amounts to the largest infusion of federal funds ever into the U.S. economy. But Congress will likely have to provide several more tranches of pandemic relief that could cost trillions of additional dollars as unemployment claims soar, businesses struggle to survive and the number of deaths continues to rise.
CBO cautioned that its estimate comes with a number of significant caveats. For example, exactly how federal agencies implement the bill and how the Federal Reserve sets up emergency lending facilities aren't fully known, and the effects of the virus on the labor market and the economy are "difficult to predict."
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