POLITICS
02/27/2009 05:12 am ET Updated May 25, 2011

Current Recession Compared To Great Depression By Congressional Budget Office

The nation's current recession is likely to be the longest since World War II, and by some measures could be the worst since the Great Depression, a new Congressional Budget Office forecast said Tuesday.

Without a major economic stimulus plan, "the shortfall in the nation's output relative to its potential would be the largest -- in terms of both length and depth -- since the Depression of the 1930s," said new CBO Director Douglas Elmendorf in testimony prepared for the House Budget Committee.

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