Coronavirus relief pushing US deficits to staggering heights
4 years, 8 months ago

Coronavirus relief pushing US deficits to staggering heights

Associated Press  

WASHINGTON — Spend what it takes, Washington said as it confronted the coronavirus. CBO Director Phillip Swagel cautioned that there is “enormous uncertainty” to the projections, given the unprecedented nature of the crisis, but it’s plain the economic shock is unlike anything seen since the Great Depression. Even Washington’s few remaining spending hawks say red ink should not be a focus for now as the government faces unemployment levels not seen since the Great Depression and shutdown orders lasting well into next month or beyond. Republicans are beginning to warn of the coronavirus costs now — GOP Sen. Ben Sasse on Friday called Washington’s spending habit “suicidal” — but the party passed deficit-financed tax cuts when controlling all of government in 2001 and 2017. “There’s zero reason to be concerned about the short-term macroeconomic impact of the deficit,” said Harvard University economist Jason Furman, a former economic policy adviser to Obama.

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History of this topic

Key GOP economic talking point destroyed by new analysis
6 months, 2 weeks ago

Key GOP economic talking point destroyed by new analysis

Raw Story  

National debt has for decades been a go-to issue Republicans try to use to persuade voters against supporting social programs — an issue that has crept back to the forefront with new reports that annual interest payments serving the national debt now exceed what the U.S. spends on its military. According to the report, former President Donald Trump's contribution to …

Congressional Budget Office raises this year’s federal budget deficit projection by $400 billion
6 months, 3 weeks ago

Congressional Budget Office raises this year’s federal budget deficit projection by $400 billion

Associated Press  

WASHINGTON — The Congressional Budget Office said Tuesday that it projects this year’s federal budget deficit to be $400 billion higher, a 27% increase compared to its original estimate released in February. White House spokeswoman Karine Jean-Pierre, said in a statement that the report “is further evidence of the need for Congress to pass President Biden’s Budget to reduce the …

The threat of US debt inflated away haunts the country’s fiscal outlook
10 months, 3 weeks ago

The threat of US debt inflated away haunts the country’s fiscal outlook

Live Mint  

One of the few things US Democrats and Republicans appear to agree on is that fiscal responsibility is for losers. The projection assumes that caps on discretionary spending introduced last year will be maintained and that the Trump administration’s 2017 tax cuts will expire in 2025 as the law promised. Didn’t US Congress pass the Fiscal Responsibility Act last year, …

US budget gap soars to $1.7 trillion, largest outside COVID era
1 year, 2 months ago

US budget gap soars to $1.7 trillion, largest outside COVID era

Live Mint  

The United States government on Friday posted a $1.695 trillion budget deficit in fiscal 2023, a 23 percent jump from the prior year as revenues fell and outlays for Social Security, Medicare and record-high interest costs on the federal debt rose. Taking into account the two one-off adjustments, last fiscal year's deficit would have been closer to $1 trillion and …

Debt Limit deal explained: How will it impact US economy, polls and people
1 year, 7 months ago

Debt Limit deal explained: How will it impact US economy, polls and people

Hindustan Times  

The recent agreement between President Joe Biden and House Republicans regarding the debt limit and spending has sparked discussions and debates. Biden and House Speaker Kevin McCarthy reached a final agreement Sunday on a deal to raise the nation's debt ceiling while trying to ensure enough Republican and Democratic votes to pass the measure in the coming week. Non-defense Spending …

How raising the nation’s debt limit could reduce spending of some coronavirus relief funds
1 year, 7 months ago

How raising the nation’s debt limit could reduce spending of some coronavirus relief funds

Associated Press  

With the pandemic officially over, leftover coronavirus relief money for vaccines, public health initiatives and other programs has become a target as negotiators try to reach a budget deal to raise the nation’s debt limit. HOW MUCH IS AT STAKE The Congressional Budget Office estimates that halting the use of unobligated pandemic relief funds would result in a net spending …

18% drop since 2020 in people with reported medical debt
1 year, 10 months ago

18% drop since 2020 in people with reported medical debt

Associated Press  

WASHINGTON — The number of people with medical debt on their credit reports fell by 8.2 million — or 17.9% — between 2020 and 2022, according to a report Tuesday from the U.S. Consumer Financial Protection Bureau. The agencies will also extend the time it takes to add medical debt to reports from six months to one year, possibly giving …

18% drop since 2020 in people reporting medical debt
1 year, 10 months ago

18% drop since 2020 in people reporting medical debt

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The number of people with …

Federal COVID aid OK’d to pay for roads, natural disasters
1 year, 11 months ago

Federal COVID aid OK’d to pay for roads, natural disasters

Associated Press  

— State and local governments will soon gain new flexibility to spend billions of federal coronavirus relief dollars on things not directly related to the pandemic, including new roads and bridges and aid to people affected by wildfires, floods and other natural disasters. The broadened spending authority for the previously approved pandemic aid was one of many of provisions wrapped …

Impending economic crisis will dwarf coronavirus crisis, says credit insurer Allianz
2 years, 2 months ago

Impending economic crisis will dwarf coronavirus crisis, says credit insurer Allianz

NL Times  

The looming economic crisis will make the coronavirus crisis look like nothing, according to credit insurer Allianz Trade. Rarely have so many negative facts come together simultaneously,” Johan Geeroms, director of risk underwriting in the Benelux for Allianz, said in a press statement. And, partly due to the 10 percent increase in the minimum wage the government announced for next …

Biden’s budget plan: Higher taxes on rich, lower deficits
2 years, 9 months ago

Biden’s budget plan: Higher taxes on rich, lower deficits

Associated Press  

WASHINGTON — President Joe Biden announced a budget blueprint Monday that calls for higher taxes on the wealthy, lower federal deficits, more money for police and greater funding for education, public health and housing. Appearing at the White House with his budget director Shalanda Young, Biden said the proposal sends a clear message to the public about “what we value.” …

In a first, America's national debt crosses $30 trillion. Here's why it matters
2 years, 11 months ago

In a first, America's national debt crosses $30 trillion. Here's why it matters

Hindustan Times  

In a new milestone, America's national debt has reached a record high of over $30 trillion, according to data published on Tuesday by the treasury department under the US government. Financial experts cited by American media outlets like CNN and Axios remain divided over “how much debt is too much” and regarding how big of a problem this really is …

Improvement in budget deficit as COVID recovery provides economic boost in first half of 2021
3 years, 3 months ago

Improvement in budget deficit as COVID recovery provides economic boost in first half of 2021

ABC  

The federal government has revealed the budget deficit was $27 billion lower than forecast in the May budget. Key points: Treasurer Josh Frydenberg says lower unemployment is to thank for the improvement The original forecast was for a $161 billion deficit for the 2020-21 financial year The extended lockdowns in NSW, Victoria and the ACT are expected to increase this …

Budget deficit shrinks in process of protecting jobs during the COVID pandemic
3 years, 3 months ago

Budget deficit shrinks in process of protecting jobs during the COVID pandemic

ABC  

The final budget numbers are in and they're better than expected. Last year's 2020-21 budget estimated that, by the end of the financial year on June 30, the size of the budget deficit would be $161 billion. A budget "deficit" is simply an accounting term that describes a situation where the Federal Government is spending more money into the community …

Lawmakers OK $55B budget bills; $7.5B in virus relief left
3 years, 3 months ago

Lawmakers OK $55B budget bills; $7.5B in virus relief left

Associated Press  

LANSING, Mich. — Michigan lawmakers who finished passing the state budget Wednesday will next turn to allocating an unprecedented amount of federal COVID-19 rescue funding — money that largely is flexible and can be spent however the state decides. “I’m looking forward to additional infrastructure, education and water packages that we will be able to put together over the coming …

As rich-poor divide widens between nations, UN urges reform
3 years, 3 months ago

As rich-poor divide widens between nations, UN urges reform

Al Jazeera  

Developing countries could shoulder most of the cost of the coronavirus crisis, a new report from the UN warns. “The danger of a lost decade ahead remains a very real one,” Richard Kozul-Wright, UNCTAD’s director of globalisation and development strategies, told Al Jazeera. “And so far, the discussion of reform of the multilateral system, along the lines that followed the …

Column: Today’s deficit fears are baloney, as they always have been
3 years, 4 months ago

Column: Today’s deficit fears are baloney, as they always have been

LA Times  

Sen. Joe Manchin is out again Friday with another screed in the Wall Street Journal against deficit spending, this time framed as an attack on the $3.5-trillion spending bill favored by his Democratic colleagues in Congress. — Economic commentator Barry Ritholtz Never mind that there are absolutely no signs in the real world of an overheating economy, and that since …

Coronavirus stimulus payments from $US1.9 trillion Biden relief package to hit US bank accounts this weekend
3 years, 9 months ago

Coronavirus stimulus payments from $US1.9 trillion Biden relief package to hit US bank accounts this weekend

ABC  

Americans will see the first direct deposits from President Joe Biden's $US1.9 trillion COVID-19 relief package hit their bank accounts this weekend, according to Treasury and Internal Revenue Service officials. Key points: The stimulus payments will help 160 million US households A family of four will receive up to $7,200 in stimulus payments Coronavirus kills an average of 1,400 Americans …

California’s robust budget will get another $26 billion from new COVID-19 stimulus
3 years, 9 months ago

California’s robust budget will get another $26 billion from new COVID-19 stimulus

LA Times  

Gavin Newsom speaks about his 2021-22 budget proposal in January. California’s state budget, already poised to be flush with higher-than-expected tax revenues, will receive an additional cash infusion of $26 billion under the COVID-19 relief bill that President Biden signed Thursday, sparking demands for a wide array of new efforts to help those hit hardest by the pandemic. “With this …

House sends $1.9-trillion COVID-19 economic relief bill to Biden’s desk
3 years, 9 months ago

House sends $1.9-trillion COVID-19 economic relief bill to Biden’s desk

LA Times  

The House passed a $1.9-trillion COVID-19 economic aid package Wednesday, sending to President Biden a sweeping measure that includes not only pandemic-related $1,400 checks and expanded unemployment benefits, but also the biggest expansion of Obamacare and hefty new tax credits to combat child poverty. The House passed a $1.9-trillion COVID-19 economic aid package Wednesday, sending to President Biden a sweeping …

Senate Advances $1.9 Trillion Coronavirus Relief Bill Despite GOP Opposition
3 years, 10 months ago

Senate Advances $1.9 Trillion Coronavirus Relief Bill Despite GOP Opposition

Huff Post  

LOADING ERROR LOADING The Senate voted to begin debate on President Joe Biden’s $1.9 trillion coronavirus relief package on Thursday after Democrats agreed among themselves on the final details of the bill, which includes funding for schools, vaccine distribution and jobless benefits. Sen. Joe Manchin wanted to keep unemployment benefits at their current $300 per week in addition to ending …

US debt projected to balloon to more than double GDP by 2051
3 years, 10 months ago

US debt projected to balloon to more than double GDP by 2051

Al Jazeera  

The non-partisan Congressional Budget Office warned that by 2051, the United States’ debt will skyrocket to 202 percent of its gross domestic product, up from 102 percent this year. The U.S. federal debt will grow to more than double the size of the economy in three decades, increasing the risk of a fiscal crisis even though dangers appear low in …

US House poised to pass $1.9 trillion COVID-19 relief bill
3 years, 10 months ago

US House poised to pass $1.9 trillion COVID-19 relief bill

Al Jazeera  

The US House of Representatives is poised to approve a $1.9 trillion COVID-19 relief bill on Friday even as Republicans unify in opposition to the measure backed by President Joe Biden. “Clearly, pent-up demand and frustration with the previous administration pushed President Biden to want to get something done quickly in the midst of this virus,” said Bill Hoagland, senior …

States pass their own virus aid, not waiting on Washington
3 years, 10 months ago

States pass their own virus aid, not waiting on Washington

Associated Press  

— Not waiting for more federal help, states have been approving their own coronavirus aid packages, spending hundreds of millions of dollars to help residents and business owners devastated by the the pandemic’s economic fallout. “It’s great news that states are doing well, many seeing revenues higher than projected, and are able to help their citizens during this pandemic,” he …

Biden announces USD 1.9 trillion COVID-19 stimulus plan to revive US economy
3 years, 11 months ago

Biden announces USD 1.9 trillion COVID-19 stimulus plan to revive US economy

The Hindu  

US President-elect Joe Biden has announced a USD 1.9 trillion coronavirus relief package to tackle the economic fallout from the pandemic, including direct financial aid to average Americans, support to businesses and to provide a boost to the national vaccination programme. The relief package, announced on Thursday, includes USD 415 billion focused on combating the COVID-19 pandemic, over USD 1 …

Donald Trump signs $US2.3 trillion coronavirus relief and government funding bill
4 years ago

Donald Trump signs $US2.3 trillion coronavirus relief and government funding bill

ABC  

US President Donald Trump has signed into law a $US2.3 trillion pandemic aid and spending package, restoring unemployment benefits to millions of Americans and averting a partial federal government shutdown. Key points: The package includes $US900 billion in pandemic relief and $US1.4 trillion to fund Government agencies through to September It had already been passed by both the House and …

US House passes $900 billion Covid relief package
4 years ago

US House passes $900 billion Covid relief package

Live Mint  

The House easily passed a USD 900 billion pandemic relief package Monday night that would finally deliver long-sought cash to businesses and individuals and resources to vaccinate a nation confronting a frightening surge in COVID-19 cases and deaths. Lawmakers tacked on a USD 1.4 trillion catchall spending bill and thousands of pages of other end-of-session business in a massive bundle …

US Congress passes $892bn in COVID relief measures
4 years ago

US Congress passes $892bn in COVID relief measures

Al Jazeera  

The bill provides $3.36bn for vaccine alliance GAVI, which issues the vaccines to people in low-income countries. The COVID-19 relief bill provides $284bn for loans to small business to keep workers employed and $166bn for $600 one-time payments to most US citizens among other measures. House Speaker Nancy Pelosi, the top Democrat in the US Congress, called the bill “a …

Stimulus bill is too little, too late, struggling Americans say
4 years ago

Stimulus bill is too little, too late, struggling Americans say

CNN  

CNN — Pedro Martinez has a simple message for Congress: “HELP US!” The military veteran and father of four said the $600 payments passed this week as part of a second coronavirus relief package are far too little to undo the financial damage his family has suffered as the pandemic has surged again – a message also adopted by President …

Congress Passes $900 Billion Coronavirus Relief Bill, Ending Months-Long Stalemate
4 years ago

Congress Passes $900 Billion Coronavirus Relief Bill, Ending Months-Long Stalemate

NPR  

Congress Passes $900 Billion Coronavirus Relief Bill, Ending Months-Long Stalemate Enlarge this image toggle caption Jacquelyn Martin/AP Jacquelyn Martin/AP Updated Tuesday at 11:40 a.m. Sponsor Message Senate Majority Leader Mitch McConnell, R-Ky., criticized Democrats for insisting on a larger package for months and said, "With a new President-elect of their own party, everything changed. Although the overall contours of the …

US Congress seals deal to provide $900bn in COVID aid
4 years ago

US Congress seals deal to provide $900bn in COVID aid

Al Jazeera  

Long-awaited deal would give $600 direct payments to individuals and boost unemployment payments by $300 a week. The Senate’s top Republican and Democrat said on Sunday they had reached an agreement on a nearly $900bn package, a deal that would be the second-largest economic stimulus in US history, following a $2.3 trillion aid bill passed in March. “Anyone who thinks …

Economic impact of coronavirus will hit next year, experts say
4 years, 1 month ago

Economic impact of coronavirus will hit next year, experts say

Dutch News  

Despite the slight drop in the unemployment rate this week, and signs of a speedier economic recovery from the coronavirus crisis, the big hit will be felt in the second quarter of next year, according to experts. In total, 102 banking, legal and investment experts took part in a survey on the likely impact of the crisis carried out by …

Global economic bailout is running at $19.5 trillion. It will go higher
4 years, 1 month ago

Global economic bailout is running at $19.5 trillion. It will go higher

CNN  

London CNN Business — Governments and central banks have promised to shell out $19.5 trillion since the coronavirus erupted to “put a floor under the world economy,” according to the International Monetary Fund. While coronavirus vaccine candidates point to improved prospects for the global economy next year, they won’t help countries much in the immediate future. In the United States, …

A new coronavirus stimulus package looks unlikely until Biden administration
4 years, 1 month ago

A new coronavirus stimulus package looks unlikely until Biden administration

LA Times  

Hopes that Congress would move swiftly after the election to provide more coronavirus relief for Americans are fading as Senate Republicans continue to resist large spending measures and pressure from President Trump to take action has waned. “We need to think about — if we’re going to come up with a bipartisan package here — about what size is appropriate,” …

Stocks Tumble As Coronavirus Cases Spike Again In U.S. And Europe
4 years, 2 months ago

Stocks Tumble As Coronavirus Cases Spike Again In U.S. And Europe

NPR  

Stocks Tumble As Coronavirus Cases Spike Again In U.S. And Europe Enlarge this image toggle caption Nam Y. Huh/AP Nam Y. Huh/AP Updated at 5 p.m. ET Stocks on Monday posted their worst day since early September amid a surge in coronavirus cases in the United States and Europe and declining optimism about another U.S. pandemic relief bill. "There continue …

Government borrowing has hit £208billion in six months of coronavirus crisis
4 years, 2 months ago

Government borrowing has hit £208billion in six months of coronavirus crisis

Daily Mail  

The government has borrowed more than £208billion over six months to manage the crippling economic effects of the coronavirus crisis. National debt hit £2.06trillion at the end of last month, equivalent to 103.5 per cent of the size of the whole economy. There have been predictions that the situation will get even tougher as millions face unemployment as the economy …

Government borrows more than a billion pounds PER DAY during coronavirus crisis
4 years, 2 months ago

Government borrows more than a billion pounds PER DAY during coronavirus crisis

Daily Mail  

The crippling impact of coronavirus on the public finances was laid bare today after new figures showed the government borrowed more than £208billion over six months. Another £36.1billion was borrowed in September - the third-highest month on record and compared to just £7billion a year ago - as tax revenues slumped and the Treasury poured out bailout money. Another £36.1billion …

COVID delay: New coronavirus relief slipping past election
4 years, 2 months ago

COVID delay: New coronavirus relief slipping past election

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Liberal economist Jared Bernstein, who worked for Democratic presidential nominee Joe Biden in 2009 …

How lessons from the past 40 years could show us the way out of the coronavirus recession
4 years, 2 months ago

How lessons from the past 40 years could show us the way out of the coronavirus recession

ABC  

Were you born in the past 40 years? "Temporarily, deficit spending raises demand, bringing output closer to potential, or even above potential," the paper argued. "To policymakers of the conventional view, running large deficits, the liquidity trap might thus indeed feel like a 'trap', pulling the economy back into the trap after every round of deficit spending." However, the paper …

Trump says he wants a bigger coronavirus aid deal than Democrats
4 years, 3 months ago

Trump says he wants a bigger coronavirus aid deal than Democrats

Al Jazeera  

In the latest twist in stimulus talks, Trump says he wants a bigger COVID-19 aid package than Democrats or Republicans are offering. On Friday, United States President Donald Trump appeared to take, of all things, a hard left, saying he’d like to go bigger on coronavirus relief aid than even the Democrats. — Donald J. Trump October 9, 2020 Friday’s …

Budget 2020 has been a gamble for the Government — and it could backfire
4 years, 3 months ago

Budget 2020 has been a gamble for the Government — and it could backfire

ABC  

If ever there was a "forgive and forget" Budget, this is it. That is, the unprecedented nature of the disruption caused by a global pandemic makes most of the Budget's forecasts — things like the deficit and growth forecasts — not much more than a "pin the tail on the donkey" exercise. In that context, the Budget's two most important …

Government braces for massive deficit as tax cuts, spending set to be outlined in coronavirus Budget
4 years, 3 months ago

Government braces for massive deficit as tax cuts, spending set to be outlined in coronavirus Budget

ABC  

The Federal Government is preparing to hand down one of the most consequential budgets in living memory, with tax cuts, infrastructure spending and a record deficit expected to be outlined when Treasurer Josh Frydenberg speaks in Parliament this evening. Key points: Fast-tracked tax cuts are set to put billions in the pockets of Australian workers Fast-tracked tax cuts are set …

Federal Budget 2020 reveals Australia headed to record debt of almost $1 trillion
4 years, 3 months ago

Federal Budget 2020 reveals Australia headed to record debt of almost $1 trillion

ABC  

Billions of dollars in fast-tracked tax cuts and younger worker wage subsidies underline the Federal Government's budget recovery pitch, as Australia's recession sends debt and deficits to record levels. Key points: Debt and deficits are set to hit record highs as coronavirus savages the economy Debt and deficits are set to hit record highs as coronavirus savages the economy Businesses …

Pentagon Gave Most Of Its $1 Billion Coronavirus Aid Package To Defense Contractors: Report
4 years, 3 months ago

Pentagon Gave Most Of Its $1 Billion Coronavirus Aid Package To Defense Contractors: Report

Huff Post  

Defense Secretary Mark Esper, with President Donald Trump, speaks on vaccine development on May 15, 2020, in the Rose Garden of the White House. A new Washington Post report, however, reveals the Trump administration gave a majority of the Pentagon’s billion-dollar coronavirus aid package to defense contractors to make things like Army uniforms, body armor and jet engine parts. Congress …

World economy: What else could go wrong before 2020 is done
4 years, 4 months ago

World economy: What else could go wrong before 2020 is done

Live Mint  

The world economy’s rebound from the depths of the coronavirus crisis is fading, setting up an uncertain finish to the year. Adding 1.4 million jobs in August was “a big step in the right direction,” said Ryan Sweet, head of monetary policy research at Moody’s Analytics. But the economy needs to maintain that kind of pace, he said, and “without …

Trump to Try Going it Alone on Coronavirus Aid after Talks with Congress Break Down
4 years, 5 months ago

Trump to Try Going it Alone on Coronavirus Aid after Talks with Congress Break Down

News 18  

White House officials trying to broker a deal on new coronavirus legislation will advise President Donald Trump to act on his own to deliver relief to Americans suffering from the pandemic, after talks with top Democrats in Congress broke down on Friday. U.S. Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows said they would recommend that …

Fed says US economic recovery will be closely linked to course of coronavirus
4 years, 5 months ago

Fed says US economic recovery will be closely linked to course of coronavirus

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The fate of the US economy is “deeply and significantly” …

Larry Kudlow Says Next Coronavirus Stimulus Draft Will Include A Second $1,200 Check
4 years, 5 months ago

Larry Kudlow Says Next Coronavirus Stimulus Draft Will Include A Second $1,200 Check

Huff Post  

LOADING ERROR LOADING As the financial fallout from the pandemic is set to enter a troubling new phase, White House economic adviser Larry Kudlow said a new coronavirus relief bill will include a second $1,200 stimulus payment for eligible Americans. “Don’t forget, there’s a $1,200 check coming that is going to be part of the new package.” If a stimulus …

US surpasses 4 million coronavirus infections: Live updates
4 years, 5 months ago

US surpasses 4 million coronavirus infections: Live updates

Al Jazeera  

The US is the hardest hit country in terms of the number of cases and deaths, and has seen a new surge in recent weeks. 18:00 GMT – French new cases rise, death toll edges up France’s public health authority has said there had been a significant rise in new coronavirus cases, as the number of deaths in the country …

Federal Government deficit hits record high of $86 billion as coronavirus devastates the economy
4 years, 5 months ago

Federal Government deficit hits record high of $86 billion as coronavirus devastates the economy

ABC  

Australia's budget deficit hit almost $86 billion last financial year, the biggest blow to the bottom line since World War II, Treasurer Josh Frydenberg has revealed. Key points: A forecasted $5 billion surplus for 2019-20 ended in a deficit of almost $86 billion A forecasted $5 billion surplus for 2019-20 ended in a deficit of almost $86 billion It is …

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