The Congressional Budget Office on Monday reported that it has altered its economic growth predictions for the next decade in response to the coronavirus pandemic's effect on the economy. If trends continue, the estimate for the level of nominal GDP in the second quarter of 2020 is now 14.2 percent lower than it was in January. Things improve slightly after that — the difference in the January and May estimates is 9.4 percent for the end of 2020 and 2.2 percent by the end of 2030 — but the cumulative nominal economic output over the next decade is nearly $15.7 trillion less than the agency had pegged in January. Adjusted for inflation, that figure comes in at $7.9 trillion. Top Democrats said the report showed a need for additional legislation to stimulate the economy.
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