The Congressional Budget Office presented projections on the current economic outlook and federal deficits and debt for 2020-2021. CBO expects: - The unemployment rate to average 15% in Q2-Q3 2020, higher than the Great Depression. - By Q3 2020, there will be 28 million fewer employed and 9 million fewer in the labor force than previously projected. - Real GDP will decline sharply in Q2 but begin rising in Q3, though 2021 GDP will be over 6% lower than previously projected. - The 2020 federal deficit will be around $3.7 trillion (17.9% of GDP), the largest since 1945. Federal debt held by the public is projected to reach 108% of GDP