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The Fiscal Contingency Preparedness Act requires the Secretary of the Treasury, in coordination with the Office of Management and Budget, to examine and report annually on the federal government's ability to respond to potential fiscal shocks such as recessions, natural disasters, pandemics, armed conflicts, cyber attacks, and financial crises. The report must assess the short-term and long-term fiscal risks and impacts of federal responses to these events, using historical instances as reference points. The Government Accountability Office is required to review the methodology and findings of these examinations and report to Congress.
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