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Keyword: deficit

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  • Pelosi gives White House 48 hours to agree to COVID stimulus deal

    10/18/2020 9:59:24 PM PDT · by EinNYC · 56 replies
    NY Post ^ | October 18, 2020 | Mark Moore
    House Speaker Nancy Pelosi on Sunday gave the White House 48 hours to reach a deal on a new coronavirus stimulus plan — saying otherwise Congress will not be able to pass the relief before the November election. “The 48 only relates to if we want to get it done before the election — which we do,” Pelosi said on ABC News’ “This Week.” “But we’re saying to them we have to freeze the design on some of these things, are we going with it or not, and what is the language.”
  • U.S. federal budget deficit soars to record $3.1 trillion in 2020

    10/16/2020 2:08:28 PM PDT · by MAGA_patriot · 12 replies
    Market Watch ^ | 10/16/2020 | Greg Robb
    The numbers: The U.S. government ran a record budget deficit of $3.1 trillion in the fiscal year that ended in September. The massive deficit reflected the government’s effort to support the economy ravaged by the coronavirus pandemic. The four pieces of legislation passed by Congress this year to combat the recession was by far the largest fiscal response to an economic crisis since the Great Depression of the 1930s. By comparison, the deficit in fiscal year 2019 totaled $984 billion. Relative to the size of the economy, the deficit—at an estimated 15.2 percent of gross domestic product (GDP)—was the largest...
  • Debt Reckoning: After years of federal fiscal recklessness, is Washington's bill finally coming due?

    10/12/2020 5:45:11 AM PDT · by karpov · 15 replies
    Reason ^ | November 2020 | Peter Suderman
    It's a difficult time to be a deficit hawk. In March, Congress passed the CARES Act, named to show what lawmakers on both sides of the aisle wanted to be seen to be doing in the wake of the economic devastation caused by the outbreak of COVID-19. They cared to the tune of about $2.2 trillion, all of it billed to the deficit, making it the single biggest legislative care package in history by a wide margin. It was the first time Congress had ever passed a bill with a trillion-dollar price tag. As a point of comparison, the Affordable...
  • Prospects for more stimulus checks, coronavirus relief fade as latest offer from Trump draws opposition from Republicans and Democrats

    10/10/2020 12:06:50 PM PDT · by rintintin · 76 replies
    Washington Post ^ | Oct 10 2020 | By Erica Werner, Jeff Stein and Seung Min Kim
    Senate Republicans and House Speaker Nancy Pelosi (D-Calif.) raised intense objections Saturday to a new $1.8 trillion economic relief proposal from the Trump administration, greatly dimming prospects for a coronavirus relief deal before the election. On a conference call Saturday morning with Treasury Secretary Steven Mnuchin and White House chief of staff Mark Meadows, multiple GOP senators denounced the proposal, attacking the price tag as too big, questioning the overall direction and criticizing individual proposals, according to several people who participated in the call or were briefed on its contents. They spoke on the condition of anonymity to detail the...
  • $75 Billion in Band-Aids Won't Cure Ailing Airlines

    10/08/2020 5:54:51 AM PDT · by Kaslin · 46 replies ^ | October 8, 2020 | Veronique De Rugy
    Regal Cinemas announced recently that it will temporarily close all 536 of its U.S. locations as the COVID-19 pandemic rages on and continues to keep customers away. This move will affect approximately 40,000 employees across the country. And yet, nobody in Congress is talking about a bailout for Regal. Now compare that with the airline industry. The airlines received a $50 billion bailout in April of this year, with $25 billion in subsidized loans and $25 billion meant to keep most airline workers employed until the end of September. As predicted, since consumers weren't ready to fly yet, this taxpayer-funded...
  • Trump on Twitter: If I am sent a Stand Alone Bill for Stimulus Checks ($1,200), they will go out to our great people IMMEDIATELY. I am ready to sign right now. Are you listening Nancy?

    10/06/2020 7:56:47 PM PDT · by White Lives Matter · 98 replies
    Twitter ^ | October 6, 2020 | Donald J. Trump
    Donald J. Trump @realDonaldTrump If I am sent a Stand Alone Bill for Stimulus Checks ($1,200), they will go out to our great people IMMEDIATELY. I am ready to sign right now. Are you listening Nancy? @MarkMeadows @senatemajldr @kevinomccarthy @SpeakerPelosi @SenSchumer 9:18 PM · Oct 6, 2020
  • Cuomo says NYC deficit is 'Donald Trump's deficit,' state is not going to pay

    09/29/2020 6:04:01 PM PDT · by knighthawk · 48 replies
    Fox News ^ | September 29 2020 | Morgan Phillips
    New York Gov. Andrew Cuomo on Tuesday again blasted the federal government for failing to provide relief for state and local governments amid the economic fallout from the coronavirus pandemic, saying New York City’s deficit is “Donald Trump’s deficit.” “We have tremendous losses because of COVID, we're not liable for them,” Cuomo said. New York City has a $9 billion budget deficit and the state’s is $30 billion. “I’m not accepting liability,” Cuomo continued. “I'm not accepting the premise that New York City or New York State should pay.”
  • The horror of the Biden budget

    09/28/2020 4:27:29 AM PDT · by karpov · 3 replies
    The Hill ^ | August 28, 2020 | Judd Gregg
    ... The Wharton School at the University of Pennsylvania a number of years ago developed a comprehensive and substantive platform for evaluating the federal budget. This model was built so that those who govern and those who are governed could have an accurate and reasonably unbiased analysis of federal fiscal activities. It is one of the most useful and effective tools around for figuring out just what the federal government and the various players who lead it in the Democratic and Republican parties are really up to. The conclusion, after reviewing the opening bids put forward by Biden and his...
  • Joe Biden's Proposed Budget Would Hike Spending, Raise Taxes, and Further Inflate the National Debt. Biden is proposing about $3 trillion in new taxes, mostly on the rich, to pay for up to $11 trillion in new spending.

    09/16/2020 8:31:46 AM PDT · by karpov · 15 replies
    Reason ^ | September 15, 2020 | Eric Boehm
    The national debt has reached levels not seen since the end of World War II, but Democratic presidential nominee Joe Biden is calling for a combination of spending increases and tax hikes that will require trillions of dollars of additional borrowing in the next 10 years. Biden is calling for more than $3 trillion in new taxes that would be imposed primarily on corporations and the wealthiest Americans. But two recent analyses of Biden's spending plans agree that his proposals would not come close to paying for themselves over 10 years. If enacted, Biden's plans would push federal spending to...
  • America's National Debt Will Be Larger Than the Economy Next Year

    09/09/2020 1:59:06 PM PDT · by nickcarraway · 29 replies
    Reason ^ | Eric Borhm
    The Congressional Budget Office says the deficit will hit $3.3 trillion this year. The national debt will exceed the size of America's gross domestic product for the first time since the end of World War II.When the federal government's fiscal year ends on the last day of September, America's national debt will nearly match the size of the nation's economy for the first time since the end of World War II, according to projections from the Congressional Budget Office (CBO). The national debt will equal 98 percent of America's gross domestic product, a rough measurement of the size of the...
  • Debt Matters

    09/07/2020 3:59:56 AM PDT · by karpov · 8 replies
    The Grumpy Economist ^ | September 4, 2020 | John Cochrane
    Last week, the U.S. passed a milestone — US federal debt in private hands exceeded 100% of GDP. But does all this debt matter, or is worrying about debt passé? This debate has been going on among economists for a while. One does not need to go to the incoherence of "modern monetary theory" to find support for the view that debt has few consequences. Olivier Blanchard, of MIT and the IMF, in his Presidential Address to the American Economic Association, (excellent summary here) declared that “there may be no fiscal costs” of additional debt. The core of his argument...
  • Trump signs executive orders on coronavirus economic relief

    08/08/2020 2:22:28 PM PDT · by Libloather · 85 replies
    NBC 'News' via MSN ^ | 8/08/20 | Ginger Gibson, Lauren Egan, Josh Lederman, Kelly O'Donnell
    WASHINGTON - President Donald Trump signed executive orders Saturday for coronavirus economic relief, upending negotiations with Congress after lawmakers failed to reach a deal on Friday. The executive orders establish a payroll tax holiday through the end of the year for Americans earning less than $100,000 a year. They also defer student loan payments through the end of the year; continue eviction moratoriums; and extend enhanced unemployment benefits that expired last week, but at a reduced level of $400 instead of the prior $600. "If I'm victorious on November 3rd, I plan to forgive these taxes and make permanent cuts...

    08/08/2020 2:41:07 PM PDT · by Hojczyk · 257 replies
    Powerline ^ | August 8,2020 | BY PAUL MIRENGOFF
    President Trump says he will sign an Executive Order to ease the suffering of those harmed by the pandemic-related shutdowns and to stimulate the economy. Congress has failed to agree on a new package to accomplish these things. Trump’s Executive Order would include these four components: (1) a payroll tax holiday until the end of the year, (2) an extension of enhanced unemployment benefits until the end of the year, (3) an extension of the eviction moratorium for federal subsidized housing, and (4) a suspension of student loan payments until further notice. Questions surround the legality of accomplishing at least...
  • Trump says second stimulus check could be 'way higher' than $1,200

    07/30/2020 8:55:45 PM PDT · by Berlin_Freeper · 128 replies ^ | July 30, 2020 | Megan Henney
    President Trump suggested this week the next coronavirus relief package could include a direct cash payment for American families that's potentially higher than $1,200. "It may go higher than that actually," Trump during an interview Wednesday with ABC affiliate KMID in Texas. "I'd like to see it be very high because I love the people. I want the people to get it."
  • California legislature facing $54.3 billion deficit chooses to increase spending

    06/20/2020 8:11:18 AM PDT · by SeekAndFind · 15 replies
    American Thinker ^ | 06/20/2020 | Chriss Street
    he California Legislature, facing a $54.3 billion budget deficit in the next fiscal year beginning July 1, has chosen to increase spending in expectation of a federal bailout. The nonpartisan Legislative Analyst Office (LAO) on May 7 shocked the California’s Democrat leadership, that holds veto-proof control of state finances, that despite federal disaster funding of $26.625 billion from the Cares Act and a $10 billion in loan to pay for unemployment claims, the state faced an $85 billion deficit over the next 14 months. As a result of the COVID-19 coronavirus lockdown, California has suffered a huge economic decline with...
  • How Trillion-Dollar Deficits Kill Blue-Collar America, And Coronavirus Bailouts Make It Worse

    05/11/2020 6:52:05 AM PDT · by Kaslin · 17 replies
    The Federalist ^ | May 11, 2020 | Willis L. Krumholz
    Because of the coronavirus bailouts, the federal deficit is now expected to be $3.7 trillion for fiscal year 2020. This is a huge drag on Americans' earnings and retirement security. Coronavirus panic is hitting the global economy, and America is no exception. To patch over the shelter-in-place orders and compensate closed businesses, Congress has passed well more than $2.7 trillion in so-called stimulus, including subsidized loans to businesses, increased unemployment insurance, direct payments to Americans, and funding for hospitals and state and local governments.Because of this, the federal deficit is now expected to be $3.7 trillion for fiscal year 2020....
  • California Just Revealed A $54.3 Billion Deficit — Signaling Deep Cuts Ahead

    05/07/2020 9:32:38 PM PDT · by fluorescence · 44 replies
    California finance officials just revealed a $54.3 billion deficit in the first economic assessment of the coronavirus pandemic's devastating blow to the fifth-largest economy in the world. That figure is higher than the deficit during the Great Recession and obliterates the state's once-healthy reserves. Without sugar-coating how hard the prolonged shutdown of businesses and job losses will hit the state, Gov. Gavin Newsom's administration released bleak projections on key statewide indicators: 18% unemployment rate for the year, 21% drop in new housing permits and nearly 9% decline in California personal income. All this signals a financial tsunami and cuts to...
  • House Dems drafting new 'multitrillion-dollar' coronavirus relief bill

    05/06/2020 1:05:15 PM PDT · by jazusamo · 31 replies
    Fox News ^ | May 6, 2020 | Marisa Schultz
    House Democrats are pushing forward with a massive fifth round of coronavirus relief legislation that could be their most far-reaching effort yet to address the economic fallout of the pandemic -- and come with another price tag in the trillions. While the House is still technically on recess, Democratic leadership and committee chairs have been drafting their legislative laundry lists for the relief package that could rival the cost of the $2.2 trillion CARES Act that passed in March, or exceed it. "We're looking at a multitrillion-dollar bill," one House Democratic aide told Fox News. While the text of the...
  • Treasury to borrow record $3 trillion in a single quarter

    05/04/2020 2:14:24 PM PDT · by yesthatjallen · 53 replies
    The Hill ^ | 05 04 2020 | Niv Elis
    The Treasury Department will borrow a record-breaking $3 trillion between April and June as it moves to dispense emergency relief for the coronavirus pandemic. In a Monday statement, the Treasury said that it expected to borrow $2.99 trillion "in privately-held net marketable debt," which would leave it with a $800 billion cash balance at the end of June. Congress has passed roughly $3 trillion worth of spending to help prevent an economic collapse during the pandemic, including stimulus checks, expanded unemployment insurance, forgivable loans to small businesses and other financing options for larger businesses. SNIP That figure will be more...
  • Treasury plans to borrow $3 trillion from April through June as enormous coronavirus costs pile up

    05/04/2020 12:13:10 PM PDT · by NRx · 76 replies
    WaPo ^ | 05-04-2020 | Rachel Siegel
    The Treasury Department plans to borrow $2.99 trillion from April through June to cover the federal government’s massive response to the coronavirus pandemic, issuing a tremendous level of debt to try and limit the economic impact on U.S. businesses and workers. Last year, Treasury borrowed $1.28 trillion over 12 months. The $3 trillion in borrowing Treasury plans to do now would be done over just three months. Congress has approved nearly $3 trillion in new spending in the past two months to try and arrest the economic fallout of the crisis. Because revenue levels are falling, Treasury is planning to...