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The Congressional Budget Office said Monday that the U.S. economy could be .7 trillion smaller over the next decade than it otherwise would have been if Congress does not mitigate the economic damage from the coronavirus.The CBO, which had already issued a report forecasting a severe economic impact over the next two years, expanded that forecast to show that the severity of the economic shock could depress growth for far longer.The new estimate said that over the 2020-2030 period, total GDP output could be .7 trillion lower than CBO had been projecting as recently as January. That would equal 5.3% of lost GDP over the coming decade.After adjusting for inflation, CBO said the lost output would total .9 trillion, a loss of 3% of inflation-adjusted GDP.CBO called this a “significant markdown” in GDP output as a result of the pandemic.“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,” CBO Director Philip Swagel said in a letter.“Recent legislation will, in CBO’s assessment, partially mitigate the deterioration in economic conditions,” Swagel said in the letter to Sens. Chuck Schumer, D-N.Y., and Bernie Sanders, I-Vt. The two had requested the information as a way to pressure Republicans to follow the lead of the House and pass more economic relief.“Last week we learned that over 40 million Americans lost their jobs as a result of this horrific pandemic,” Schumer and Sanders said in a joint statement. “Today, the CBO tells us that if current trends continue, we will see a jaw-dropping trillion reduction in economic growth over the next decade.”Schumer and Sanders said Republicans should stop blocking legislation to provide more assistance given that 40 million workers have lost their jobs already.“In order to avoid the risk of another Great Depression, the Senate must act with a fierce sense of urgency,” Schumer and Sanders said.The CBO is forecasting that the GDP, which shrank at a 5% rate in the first three months of this year, will fall at a 37.7% rate in the current April-June quarter, the biggest quarterly decline on record.The CBO also issued a separate report detailing a cost estimate for a .4 trillion COVID-19 rescue bill that passed the Democratic-controlled House in mid-May. That legislation is built around 5 billion in aid to state and local governments, another ,200 payment to most American workers, and additional aid to colleges and local school districts. The price tag is slightly higher than a back-of-the-envelope figure provided by Democrats when the measure passed.Senate Republicans have dismissed the proposal as a wish list but have yet to unveil any proposal to counter it. 2817

The NFL announced on Tuesday that the number of teams that will qualify for the playoffs will expand from 12 to 14, which will also increase the number of Wild Card Round games from four to six. NFL owners and the Players Association came to the agreement on Tuesday, which will go into effect this season. The format will mean that only the top team in each conference will earn a bye into the Divisional Round. The six division winners will then play the six wild card teams. The new format marks the first time the NFL has expanded the playoffs since 1990, when the league increased the number of teams that qualified from 10 to 12. Per the new format, three playoff games will be played on Saturday, Jan. 9, and another three games will be played on Sunday, Jan. 10. NBC and CBS have been the selected networks to air the added two showdowns. Had this year's format been in place in 2019, the Pittsburgh Steelers and Los Angeles Rams would have earned playoff bids. 982

Thanksgiving is a time for food, family and traditions. But for many it also involves travel, which is why the National Safety Council is warning people to be safe over the holidays as they hit the roads.According to 229

The first day of school can be a scary experience for young children, but one boy in Wichita, Kansas, is very lucky to have a friend guide him.Connor Crites has autism and is nonverbal, 198

The Department of Justice announced indictments on Wednesday against four executives who were allegedly involved in a conspiracy to fix prices and rig bids for broiler chickens. Jayson Penn, Roger Austin, Mikell Fries, and Scott Brady were each charged with one antitrust charge in federal court. Penn is the President and Chief Executive Officer, and Austin is a former Vice President, of Pilgrim’s Pride, a chicken supplier headquartered in Colorado. Fries is the President and a member of the board, and Brady is a Vice President, of Claxton Poultry, a broiler chicken producer headquartered in Georgia.According to Pilgrim’s Pride, it provides 20% of all chicken consumed in the United States. Claxton Poultry says it produces 300 million pounds of poultry a year, and is a supplier for Chick-fil-A. The DOJ alleges that the foursome's actions caused chicken prices at restaurants and grocery stores to be impacted. “Particularly in times of global crisis, the division remains committed to prosecuting crimes intended to raise the prices Americans pay for food,” said Assistant Attorney General Makan Delrahim of the Department of Justice’s Antitrust Division. “Executives who cheat American consumers, restauranteurs, and grocers, and compromise the integrity of our food supply, will be held responsible for their actions.”The executives face a maximum sentence of 10 years, and a million fine, if convicted. Broiler chickens are chickens raised for human consumption and sold to grocers and restaurants. A request for comment has been left for Pilgrim’s Pride. 1584

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