Treasury to borrow $3 trillion in second quarter, far more than during financial crisis
The Treasury Department announced on Monday that it expects to borrow $3 trillion during the second quarter this year.
Congress
More than 3.8 million new unemployment claims filed; 6 week total exceeds 30 million
The six-week surge in new unemployment claims continued last week as businesses deemed nonessential by state and local governments reduce staffing in response to COVID-19.
India Condemns U.S. Religious Rights Report
A U.S. government advisory panel wants India on a religious freedom blacklist over a “drastic” downturn under Prime Minister Narendra Modi, triggering an angry reaction from New Delhi. In addition to India, the U.S. Commission on International Religious Freedom (USCIRF) also recommends the inclusion of four more – Nigeria, Russia, Syria, and Vietnam.
Pentagon to backfill money diverted to build border wall
The Trump administration notified Congress this week that it will try to refill the money it took from Pentagon accounts to use to build the border wall by cutting European defense assistance.
New North American trade pact to take effect July 1
U.S. Trade Representative Robert Lighthizer on Friday said he has notified Congress that the new U.S.-Mexico-Canada trade agreement will take effect on July 1, a month later than initially proposed.
US deficit expected to reach nearly $4 Trillion
The US Congressional Budget Office (CBO) predicted on Friday that, as a result of the COVID-19 pandemic, America’s deficit will reach $3.7 trillion this year, Politico reports. The CBO also said that unemployment will rise to 16 percent in 2020, before going to down to 9.5 percent by the end of 2021.
Trump Signs $500 Billion Aid Bill As U.S. Virus Deaths Rise To 50,000
U.S. President Donald Trump signed a $484 billion bill on Friday to aid employers and hospitals under pressure from the coronavirus pandemic as the related death toll rose to more than 50,000 Americans.
Trump, Congress agree on new stimulus package
President Donald Trump and congressional leaders have agreed on a new, nearly $500 billion stimulus package to help small businesses impacted by stay-at-home orders in response to the COVID-19 pandemic.
U.S. Governors Demand $500 Billion To Prevent Collapse Services
U.S. governors appealed Saturday for $500 billion in federal aid, saying states face a budget crisis due to the new coronavirus pandemic that threatens essential services. They urged Congress to “meet the states’ budgetary shortfalls that have resulted from this unprecedented public health crisis.”
U.S. Debt Reaches “Unsustainable” 24 Trillion Dollars
The federal government debt of the United States has reached a record $24 trillion despite warnings by the nation’s leading watchdog that it is unsustainable for the world’s largest economy.
U.S. Senator Sanders Ends Presidential Bid
U.S. Senator Bernie Sanders, the socialist democrat who pledged to lead a political revolution into the White House, has ended his presidential bid. He left the race after his once-strong lead in the Democratic primary evaporated as the party’s establishment lined swiftly up behind rival Joe Biden. The Vermont senator’s announcement came as a setback for many young people supporting Sanders. But it cleared a significant hurdle for Biden, who is now the expected Democratic nominee to challenge President Donald Trump in a general election overshadowed by the coronavirus pandemic.
Trump holds meeting on small business relief, seeks $250 billion more for payrolls
As Congress races to craft the next coronavirus rescue package, President Donald Trump’s sudden request Tuesday to pump $250 billion more into a just-launched payroll program for small businesses may hit roadblocks.
Trump warns against ‘partisan investigations’ after Pelosi establishes select committee on virus response
President Trump on Thursday railed against “partisan investigations” and “witch hunts” amid the coronavirus pandemic after Speaker Nancy Pelosi (D-Calif.) established a special House committee to examine the federal response to the pandemic.
Trump: Fed program to help businesses, workers launches Friday as unemployment claims soar
On the same day the federal government announced more than 6.6 million Americans filed unemployment claims, President Donald Trump said a program to help businesses continue to pay workers launches Friday.
Pastor Charged for Holding Services Amid Coronavirus Lockdown
The pastor of a Louisiana church was charged Tuesday with defying state efforts to curtail the coronavirus outbreak. Tony Spell of the Life Tabernacle Church near Baton Rouge faces six counts of misdemeanor for holding services in violation of state-wide orders to stay home and to limit essential gatherings to 10 persons. Spell has said the government is infringing on the right to religion and that he will continue to hold services.
Trump advocates for $2 trillion infrastructure bill as ‘Phase 4’ coronavirus relief package
President Trump pushed Congress to adopt ‘very big and bold’ infrastructure investments in future legislation to combat the coronavirus.
New report on erosion of Chinese religious freedom sees total communist takeover
A Christian watchdog group in the UK published a new report this week on the erosion of religious freedom in China under President Xi Jinping, whose ‘sinicization’ campaign has set out to absorb faith into the Chinese socialist system.
President Trump signs $2 trillion coronavirus stimulus package
President Donald Trump signed a $2 trillion coronavirus stimulus bill Friday just hours after it passed in the House, making law out of a package that will send billions of dollars directly to Americans and provide hundreds of billions more for businesses, health care systems and others impacted by the pandemic that has crippled the economy.
Mnuchin indicates federal government could take stakes in airlines for government grants
Treasury Secretary Steven Mnuchin signaled on Thursday that the federal government could take stakes in airlines in exchange for the billions of dollars that have been set aside for the beleaguered industry in Congress’s $2 trillion coronavirus stimulus package.
Senate sends House $2 trillion coronavirus bill; vote expected Friday
The U.S. Senate’s unanimous passage of an estimated $2.2 trillion coronavirus relief bill sent the unprecedented economic rescue legislation to the House of Representatives, whose leaders hope to pass it on Friday.