Now, before it breeds! (pdf)
CBO anticipates that the current recession, which started in December 2007, will last until the second half of 2009, making it the longest recession since World War II.
This recession, however, may not result in the highest unemployment rate. That rate, in CBO’s forecast, rises to 9.2 percent by early 2010 (up from a low of 4.4 percent at the end of 2006) but is still below the 10.8 percent rate seen near the end of the 1981–1982 recession.
In preparing its economic forecast, CBO assumes that current laws and policies governing federal spending and taxes do not change. This forecast, therefore, does not include the effects of a possible fiscal stimulus package.
On that basis, CBO anticipates that real GDP will drop by 2.2 percent in calendar year 2009, a steep decline.
CBO expects the economy to begin a slow recovery in the second half of 2009 and to grow by a modest 1.5 percent in 2010.
I’d support a tax cuts only bill that would speed up the CBO findings, but that will never happen, so…..
Link to CBO report found via Confederate Yankee