The Fiscal Times |

US Deficit Soars to $3.1 Trillion

The federal budget deficit topped $3.1 trillion in the 2020 fiscal year, the U.S. Treasury announced Friday, marking the largest annual deficit in U.S. history. As a share of the economy, the deficit...
Pelosi Cites Progress, but Warns of Poison Pills in Stimulus Deal

House Speaker Nancy Pelosi (D-CA) and Treasury Secretary Steven Mnuchin said after a nearly 90-minute negotiating session Thursday that they had made some progress toward a coronavirus relief package...
8 Million More in Poverty Since May as Aid Dries Up: Report

About 8 million people have slipped into poverty since May, according to a new report from researchers at the Center on Poverty & Social Policy at Columbia University. The increase in poverty...

Tax Rates Crushing Some Low-Wage Workers: Fed Study

Low-wage workers face shockingly high marginal tax rates as they earn more once the loss of government benefits are taken into account, according to researchers at the Federal Reserve Bank of Atlanta...
McConnell Shoots Down Trump’s Call for Bigger Stimulus

President Trump said Thursday he’d agree to a coronavirus relief package larger than the $1.8 trillion his administration offered last week, but Senate Majority Leader Mitch McConnell quickly shot...
Unemployment Claims Jump, Raising Concerns About Stalling Recovery

As talks on a coronavirus relief package drag on, the job market is signaling that the economic recovery may be stalling as Covid cases surge in states across the country. About 898,000 people filed...
Mnuchin: Relief Bill Will Be ‘Difficult’ Before Election

In case it wasn’t already clear that a new coronavirus relief bill probably isn’t coming before the election, just take a look at what Treasury Secretary Steven Mnuchin, who has been negotiating the...
Biden’s Tax Plan Would Raise Trillions, With Little Effect on Growth: AEI

A newly updated analysis from the conservative American Enterprise Institute finds that Joe Biden’s tax plan would raise roughly $2.8 trillion over 10 years, while reducing economic growth by a...