Congressman Steven Horsford Meets with CBO Director on Coronavirus Economic Impact Projections

Washington, D.C.— Today, Congressman Steven Horsford (NV-04) joined his colleagues on the House Budget Committee for a bipartisan telephone briefing with Congressional Budget Office (CBO) Director Dr. Phillip Swagel to discuss current economic projections and how the coronavirus will impact our economy and budget. Dr. Swagel highlighted key points from CBO's recent blog post and discussed the impact of the fiscal support provided to date as our nation battles the coronavirus and Congress continues to work to contain the pandemic and mitigate the subsequent economic fallout.

"The investments in public health and economic security that Congress has provided to date are critical for containing the pandemic's damage and heading off even worse economic and budgetary outcomes down the line. It was crucial for our committee to have a conversation with Director Swagel to truly understand the breadth of the economic impact of this pandemic on our country's future," Congressman Horsford said. "American families, and the families that I represent in Nevada, need to know that Congress will continue to provide the support and relief they need to make ends meet through the duration of this downturn. This means a strong partnership between federal, state, and local governments is critical for providing Unemployment Insurance, Medicaid, help from the Supplemental Nutrition Relief Assistance Program, and more."

The House Budget Committee came together to hold this bipartisan briefing so Members could ask questions of CBO and fully understand the extent to which this pandemic will impact our nation's economy and budget for years to come. The conversation with Director Swagel underscored how critical emergency economic relief is key to softening the blow to our economy and improving our long-run economic and fiscal outlook. The House Budget Committee will continue to work to protect the lives and livelihoods of American families and workers during this unprecedented time.

In the call, Congressman Horsford requested that the CBO Director produce an analysis that focuses on the hardest hit economies, and provide an account of the volatility of the housing markets in those regions. Nevada is one of the hardest hit states in the country, and more than 350,000 Nevadans have already filed for unemployment insurance benefits since mid-March.

Click here to visit the House Budget Committee's Coronavirus Resource Center for more information, resources, and additional materials from the Committee.