Coronavirus Spending Will Add $2.4 Trillion to Deficit: CBO
Budget

Coronavirus Spending Will Add $2.4 Trillion to Deficit: CBO

Reuters/Tom Brenner

The four pieces of legislation Congress passed in March and April to provide relief and stimulus during the coronavirus pandemic will add about $2.4 trillion to the deficit, the Congressional Budget Office said Tuesday.

The CARES Act – which provided $1,200 relief checks for many adults, enhanced unemployment benefits of $600 a week and billions in forgivable loans for small businesses, among other things – accounts for most of the deficit spending, roughly $1.7 trillion. The recent extension of the small business loan program will add another $483 billion, CBO said.

Two earlier bills, which focused on assisting health care providers and funding the medical response and further research, will increase the deficit by about $200 billion.

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