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1 CBO's Work in Progress as of July 6, 2020 1 (July 9, 2020)

handle is hein.congrec/cowkips0001 and id is 1 raw text is: JULY 202 0 CBO's Work in Progress as ofJuly 6, 2020 To provide the Congress with a comprehensive review of its work, the Congressional Budget Office releases an annual report summarizing completed projects. The agency also publishes quarterly reports, like this one, highlighting recent activity and summarizing work in progress. 1 Recent Work During the second quarter of 2020, CBO provided a variety of budget and economic analyses, fulfilling the agency's core mission of supporting the Congress during each stage of the legislative process. In addition to providing its regular analysis, CBO produced public and timely responses to Congressional inquiries and developed new approaches for assisting the Congress as it confronted the consequences of the 2020 coronavirus pandemic.' Those approaches included releasing budget and economic analysis more frequently and making certain budget analysis more accessible. For example, CBO released a number of publications to provide current information about the rapidly changing economic outlook. In April, the agency published preliminary information about key economic variables in the near term; in May, it published Interim Economic Projections for 2020 and 2021; and last week, it published An Update to the Economic Outlook: 2020 to 2030. (CBO typically releases its economic projections along with its budget projections later in the summer, but this year, the economic projections were released early to provide the Congress with CBO's most current assessment of the economic outlook.) Similarly, in response to Congressional requests, CBO published information about federal funding for state and local governments and about certain budgetary effects of the coronavirus pandemic, including how tax deferrals will affect federal revenues and what laws enacted in response to the pandemic will have the largest effect on the federal budget deficit. CBO also provided a comparison of its May 2020 interim projections of gross domestic product with its January 2020 baseline 1 For CBO's most recent annual report, see Congressional Budget Office, The Congressional Budget Office's Work in 2019: A Report to the Congress (March 2020), www.cbo.gov/publication/56237. For CBO's most recent quarterly report, see Congressional Budget Office, CBO's Work in Progress as of March 31, 2020 (April 2020), www.cbo.gov/publication/56312. 2 For a list of CBO products related to the pandemic, see Congressional Budget Office, COVID-19, www. cbo.gov/topics/covid- 19.

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