The document summarizes the economic impact of the COVID-19 pandemic and the government response. It notes that initial unemployment claims have skyrocketed while the government has spent trillions to stabilize the economy. This massive spending has caused federal debt and deficits to reach unprecedented levels. The Federal Reserve has absorbed almost all new debt issuance through bond purchases, maintaining low interest rates. However, the size and duration of Fed support is uncertain as debt levels rise sharply.