State budget shortfalls from COVID-19’s economic fallout could total $650 billion over three years.

cbpp.org

State budget shortfalls from COVID-19’s economic fallout could total $650 billion over three years, we estimate ([link removed]) based on new economic projections from the nonpartisan Congressional Budget Office (CBO) and updated projections from Goldman Sachs.

The new figures — significantly higher than estimates we recently issued based on economic projections of a month ago — increase the urgency that policymakers enact additional federal fiscal relief and continue it as long as economic conditions warrant.

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› States Start Grappling With Hit to Tax Collections ([link removed])
› States Need Significantly More Fiscal Relief to Slow the Emerging Deep Recessions ([link removed])
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Contact: Caroline Anderson-Gray (mailto:[email protected]?subject=CBPP%20Email%20Response) , 202-408-1080, Director of Digital Strategy

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