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We examine the impact of COVID-19 on the federal budget outlook. We find substantial but temporary effects on spending and revenues, with more moderate but permanent effects on the long-term projections. We project that the debt-to-GDP ratio, currently 98%, will rise to 190% in 2050 under current law, compared to a CBO pre-COVID projection of 180%. Sharply lower interest rates projected for the next dozen years help moderate future debt accumulation. Under a "current policy" projection that allows temporary tax provisions-such as those