The federal budget deficit hit an all-time high of $3.1 trillion in the 2020 budget year, more than double the previous record, as the coronavirus pandemic shrank revenues and sent spending soaring.
The Trump administration reported Friday that the deficit for the budget year that ended on Sept. 30 was three times the size of last year’s deficit of $984 billion. It was also $2 trillion higher than the administration had estimated in February, before the pandemic hit. Read More
Nearly 1.1 million coronavirus relief payments totaling some $1.4 billion went to dead people, a government watchdog reported Thursday.
More than 130 million so-called economic impact payments were sent to taxpayers as part of the $2.4 trillion coronavirus relief package enacted in March. The Government Accountability Office, Congress’ auditing arm, cited the number of erroneous payments to deceased taxpayers in its report on the government programs. Read More
The Los Angeles Lakers received and then returned a forgivable loan of roughly $4.6 million under a federal program designed to help small businesses during the coronavirus pandemic. Read More
The price of a barrel of oil briefly fell below zero dollars this week, demonstrating clearly what happens when there is no longer demand for a product or commodity, as tens of millions of Americans are leaving cars in their driveways and airlines are largely grounded. All around the world, it’s much the same situation as the global economy has collapsed in the wake of the Chinese coronavirus pandemic. Read More
U.S. Treasury Steven Mnuchin says he will visit China next week for two days of talks to end the year-long trade war between the world’s two largest economies. Read More