Chairman Yarmuth’s Statement on CBO’s Updated Economic Outlook

Jul 2, 2020

Washington, D.C.— Today, House Budget Committee Chairman John Yarmuth (KY-03) issued a statement following the Congressional Budget Office’s release of its Update to the Economic Outlook: 2020 to 2030. The report updates the agency’s January 2020 projections and its interim May forecast and underscores the staggering economic challenges facing our nation as it battles the coronavirus pandemic and the ensuing economic fallout.

CBO’s updated projections show double-digit unemployment rates through the end of the year and emphasize the critical need for additional fiscal relief now,” said Chairman Yarmuth. “The report and today’s job numbers make it clear that we are not experiencing the ‘rocket ship rebound’ President Trump promised. We face a long road to recovery, which is why the House passed the Heroes Act to provide continued support to millions of American families. McConnell needs to quit stalling and bring this relief package to the Senate floor.”

The House Budget Committee has released multiple reports on the need for and importance of strongsustained, and targeted relief as our nation fights the coronavirus pandemic. Policies that invest in public health, support family incomes, keep businesses afloat, and promote an inclusive recovery are key to safeguarding our long-term economic outlook.