The projection raises concerns about how the government plans to phase out heavy spending that has allowed the deficit to grow more than tenfold in seven months
Calling it an “economic and fiscal snapshot,” the government has already cautioned that the report will be less detailed than a traditional fiscal update. Updates normally include five years of fiscal projections. Two officials said the government plans to release a full update in the fall.
Several independent forecasters have pegged the size of this year’s federal deficit at between $250-billion and $300-billion. “I really think it’s an important pivot point from what was to what will be,” he said in an interview Tuesday. Mr. Hyder said some support programs will still be needed, but he expressed hope that the government will outline plans to phase out the emergency programs or at least make them apply more narrowly.
Mr. Hyder said that kind of scenario “is simply not going to work for parents, and therefore not going to work for employers, and therefore not going to work for the economy.” Mr. Kelly said he would like Wednesday’s update to address the many practical issues that have surfaced with the various federal emergency programs.
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