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-- low consumption will persist through 2014;
-- unemployment benefits will be exhausted;
-- households will be pressured to make mortgage payments, pay for health care, meet other obligations, and provide for their families at a time state and city budget crises force deep cuts in vital social services, not made up for by the federal government;
-- tax revenues are down 17%, the sharpest decline since 1932;
-- $600 billion in investment losses will result plus another $5.9 trillion in lost output through 2014; and
-- the federal deficit will nearly double over the next 10 years to about $20 trillion.
In sum, CBO projects a more severe protracted downturn than it earlier forecast in January.
Troubled Times Ahead
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