Projecting COVID's Fiscal Impact

The current economic crisis and response has dramatically expanded federal deficits. While this borrowing is largely necessary and desirable to combat the effects of the pandemic and resulting recession, it will lead to a permanent increase in the national debt.

Committee senior vice president and senior policy director Marc Goldwein presented the Committee’s budget projections. Marc showed the effect of the pandemic on deficits, debt, federal trust funds, and long-term sustainability. He also discussd the potential implications of further fiscal support.