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The Effects of Pandemic-Related Legislation on
Output
Federal laws enacted in response to the 2020
coronavirus pandemic are projected to add $2.3
trillion to the deficitin fiscalyear 2020 and S0.6
trillion in 2021. CBO estimates thatthe legislation
will increase the level of real (inflation-adjusted)
gross domestic product (GDP) by4.7 percentin
2020 and 3.1 percentin 2021. From fiscalyear 2020
through 2023,for every dollar thatit adds to the