Pelosi Statement on CBO Reports on COVID-19 Economic Devastation and Heroes Act Score
June 1, 2020
Contact: Speaker's Press Office,
202-226-7616
Washington, D.C. – Speaker Nancy Pelosi issued this statement after the CBO reported that the U.S. economy will lose an estimated $16 trillion over ten years due to COVID-19. Separately, the CBO released its score of The Heroes Act, which estimates its cost at $3.4 trillion over a decade:
"The scale of the economic devastation of COVID-19 is unlike anything our nation has ever seen, threatening to wipe a staggering $16 trillion from the American economy.
"Immediate action is needed to protect lives and livelihoods during this unprecedented moment of catastrophe. In May, the House passed The Heroes Act to do just that: putting us on a path to safely open the economy and defeat the virus with testing and tracing, supporting heroic frontline workers who are losing their jobs, and putting more money in the pockets of workers and families.
"The most expensive course of action is no action. Senator McConnell and President Trump must join us in supporting the smart, strategic and targeted investment of The Heroes Act. The American economy and American workers' financial security are at risk of devastation. There is no time to waste."
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