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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 Environmental Protection Agency is proposing a new rule that would ease the regulation of methane emissions at a time when greenhouse gas emissions are at their highest -- the latest rollback of an environmental protection introduced under former President Barack Obama. 286

The NCAA is ruling out no contingencies when it comes to coronavirus and the NCAA Tournament. In an interview with Bloomberg News, Chief Operating Officer Donald Remy did not dismiss the possibility of games being played with no fans in arenas. The games presumably would still be televised. The NCAA declined further comment to The Associated Press on the possibility of no fans in the stands. Also, the NCAA announced it has established a coronavirus advisory panel of medical, public health and epidemiology experts and NCAA schools. NCAA Chief Medical Officer Dr. Brian Hainline will lead the group. 615

The Dow Jones Industrial Average is trading lower on Monday after a stimulus bill proposed by Senate Republicans failed key votes on Sunday and Monday.The Dow closed tumbling 600 points on Monday afternoon. The loss comes after 240

The first cases of coronavirus and COVID-19 have been confirmed in Michigan.Gov. Whitmer announced late Tuesday that she has also declared a state of emergency to assist local governments to slow the spread of the virus.The state has a website set up specifically for COVID-19 and is at 299