CBO Says Recession May Be Long and Deep

Here's what the director of the Congressional Budget Office has to say about the recession:

"The economy is currently weathering a recession that started more than a year ago, and absent a change in fiscal policy, CBO projects that the shortfall in the nation’s output relative to potential levels will be the largest – in duration and depth – since the Depression of the 1930s."

That's kind of scary, especially since the scale of fiscal stimulus that's currently being considered is modest compared to the expected decline in output.