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1 1 (April 3, 2020)

handle is hein.congrec/cbowpmrc0001 and id is 1 raw text is: APRIL 2 02 0 CBO's Work in Progress as of March 31, 2020 The Congressional Budget Office has been and is currently focused intensely on supporting the legislative process of the Congress as it responds to the novel coronavirus. The cost estimate for H.R. 6074, the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020, was published on March 4 for the legislation enacted on March 6. For the remainder of March, CBO provided technical assistance to the Congress as it considered H.R. 6201, the Families First Coronavirus Response Act (enacted on March 18) and H.R. 748, the CARES Act (enacted on March 27). That assistance included providing preliminary cost estimates of the effects of specific provisions and answering questions about various potential effects. CBO did not have enough time to complete estimates of the total costs of those two acts between the time final legislative language was available to the agency and the time the Congress voted on the legislation. Work on those estimates was in progress as of March 31: CBO published an estimate for H.R. 6201 yesterday, April 2, and expects to publish an estimate for H.R. 748 within two weeks.1 Technical assistance for other legislative proposals is also in progress. To provide useful estimates of the costs of provisions that are sensitive to economic conditions, such as those modifying unemployment insurance benefits, CBO is currently developing updated projections of key economic variables.2 Those projections, along with budgetary projections, are also influenced by expectations about the spread of the novel coronavirus-for example, the duration of the national emergency declaration, the amount of time businesses will be closed to promote social distancing measures, and so on-which CBO is closely monitoring. In addition to analysis related to the novel coronavirus, CBO is working on producing an array of other information related to the budget and economy. To provide the Congress with a 1 See Congressional Budget Office, letter to the Honorable Nita Lowey providing an estimate for H. R. 6201, the Families First Coronavirus Response Act (April 2, 2020), www.cbo.gov/publication/56316. That estimate is preliminary, and the forthcoming estimate for H.R. 748 will be as well. Later, a comprehensive analysis of those acts will be included in a publication providing updated baseline budget projections by CBO. 2 See Congressional Budget Office, Updating CBO's Economic Projections to Account for the Pandemic, CBO Blog (April 2, 2020), w--w-.cbo.gov/publication/56314.

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