WASHINGTON DC (June 24, 2020) — The United States is currently experiencing one of its sharpest economic crises in modern history as a result of the global COVID-19 pandemic and efforts to minimize contagion.
WASHINGTON DC (June 12, 2020) — In response to the current pandemic and economic crisis, Congress and the President have enacted $4 trillion in spending, benefit payments, grants, loans, tax cuts, tax deferrals, and other measures to support the economy. So far, over half that money — $2.1 trillion — is out the door. The remaining dollars are largely flowing as expected.
WASHINGTON DC (June 9, 2020) Federal debt held by the public is slated to grow by roughly $4 trillion in fiscal year 2020 and exceed the size of the economy by year’s end. Much of this borrowing is inevitable and desirable — though not costless — in light of the current pandemic and economic crisis.
WASHINGTON DC (June 5, 2020)—The Treasury Inspector General for Tax Administration (TIGTA) recently found that almost 900,000 high-income tax-payers failed to file tax returns from 2014 to 2016, resulting in billions of dollars in unpaid taxes, and the IRS did not attempt to collect in sever
WASHINGTON DC (May 29, 2020) — The Paycheck Protection Program is one of the larger and most well-known initiatives that has been created to support small businesses during the novel coronavirus outbreak. PPP was initially funded with $349 billion under the CARES Act and was reauthorized for a second round of funding totaling $310 billion under the Paycheck Protection Program and Health Care Enhancement Act (PPPHCEA).
WASHINGTON DC (May 15, 2020) — The fiscal and monetary policy response to the COVID-19 pandemic and subsequent economic crisis has been both swift and substantial. We have been tracking these support measures — in the form of spending, tax breaks, loans, and other actions — as part of our COVID Money Tracker initiative.
WASHINGTON DC (May 6, 2020) — The Department of the Treasury yesterday estimated that the second quarter of 2020 will see a record-breaking $3 trillion in borrowing, as the country continues to combat the coronavirus (COVID-19) pandemic and related economic downturn.
WASHINGTON DC (April 23, 2020) — On April 22, the Social Security Trustees released their annual report, showing that Social Security faces a precarious and worsening financial situation — even before accounting for the current public health crisis.
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