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US Government Prediction: Economy Faces 10-Year Recovery, $8 Trillion Loss From Coronavirus

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The U.S. Congressional Budget Office has projected that the coronavirus crisis will cost the U.S. economy about $8 trillion. Many factors play a part in shrinking the economy, such as business closures, social distancing measures, consumer spending, a drop in energy prices, and recent legislation.

Decade-Long Recovery Costing $8 Trillion

The U.S. Congressional Budget Office (CBO), a federal agency that provides budget and economic information to Congress, has estimated the impact of the coronavirus crisis on the U.S. economy. CBO Director Phillip L. Swagel explained on Monday in a letter to Democratic Senator Chuck Schumer:

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