CBO sees GDP plummeting 38%, the greatest single drop in the history of the US.

  • The Congressional Budget Office released its outlook on Tuesday.
  • Job gains are predicted later this year but will remain subdued through 2021.
  • GDP is estimated to drop 38% on an annualized basis in the second quarter.
  • The forecast is slightly less dire that the one from the Atlanta Federal Reserve which predicted a drop of 42%.