“Business closures and social distancing measures are expected to curtail consumer spending, while the recent drop in energy prices is projected to severely reduce U.S. investment in the energy sector,” said the CBO in the report, a letter in response to Senate Majority Leader Chuck Schumer of New York.

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The roughly $3.3 trillion in stimulus provided by Congress in recent months will only “partially mitigate the deterioration in economic conditions,” the federal agency said.