The raging COVID-19 pandemic still wreaking havoc on the U.S. economy is projected to slash the country's GDP by 3%, or $7.9 trillion, over the next 10 years or until fiscal 2030.

This huge reduction in national economic output, however, would have been much larger if the U.S. Congress hadn't rapidly passed three massive coronavirus economic recovery measures amounting to $2.3 trillion, all in March.

A fourth massive stimulus, the $3 trillion HEROES Act (Health and Economic Recovery Omnibus Emergency Solutions Act or H.R. 6800), is expected to be signed into law this month and should further mitigate a weakening in GDP.

The non-partisan Congressional Budget Office (CBO) said nominal GDP (or GDP not adjusted for inflation) is projected to be $15.7 trillion, or 5.3% less, than originally forecast due to the pandemic.

CBO said the second quarter will likely see the biggest GDP drop in U.S. history at more than 40%. On the other hand, the unemployment rate for May is expected to be close to or will exceed 20%, the highest number since the Great Depression. The highest monthly unemployment rate during the Great Depression, which began in 1929 and lasted until the mid-1930s, was 25%.

CBO Director Phillip L. Swagel said business closures and social distancing measures are expected to continue curtailing consumer spending, which accounts for two-thirds of GDP. He also pointed out the recent drop in energy prices is projected to severely reduce U.S. investment in the energy sector.

Swagel also said the CBO will likely revise downward its original estimate for growth due to expected low levels of inflation, low levels of public spending and further rescue lending from the Federal Reserve.

He pointed out the unusually high degree of uncertainty surrounding its economic projections, especially the uncertainty about how the pandemic will unfold in 2020 and 2021, will continue to disrupt standard estimation methods and data sources.

Senate minority leader Chuck Schumer (D-NY) said the CBO estimates underline the need for quick action on the next massive spending, the HEROES Act. He said to avoid the risk of another Great Depression, the Senate must act with a fierce sense of urgency to ensure everyone in the U.S. has the income they need to feed their families and put a roof over their heads.

In a separate analysis, the Atlanta Federal Reserve estimates U.S. GDP from April to June will plunge by an unheard of 42.8%. This reduction in national economic output will be the worst since World War II.