Latest Government spending News

Christmas lights are lit up on New Bond Street in Mayfair, London, Tuesday, Nov. 24, 2020. Haircuts, shopping trips and visits to the pub will be back on the agenda for millions of people when a four-week lockdown in England comes to an end next week, British Prime Minister Boris Johnson said Monday. (AP Photo/Alberto Pezzali)

UK cuts overseas aid after worst recession in over 300 years

Nov. 25, 2020 3:23 PM EST

LONDON (AP) — The British government faced fury Wednesday after ditching its long-standing target for overseas aid in the wake of what it described as the deepest recession in over three centuries. In a statement to lawmakers, Treasury chief Rishi Sunak said the target to allocate 0.7% of national income...

A shopper in a face mask looks over cuts of beef piled up in a cold room for purchase at a Costco warehouse store Tuesday, May 5, 2020, in west Denver.  The U.S. economy rebounded at an even-stronger pace in the July-September quarter than first reported but a resurgence in the coronavirus is expected to slow growth sharply in the current quarter with some analysts even raising the specter of a double-dip recession.  (AP Photo/David Zalubowski)

Unchanged from early estimate, US economy grew 33.1% in Q3

Nov. 25, 2020 10:51 AM EST

WASHINGTON (AP) — The second of three estimates on U.S. growth for the July-September quarter was unchanged at a record pace of 33.1%. But a resurgence in the coronavirus is expected to slow growth sharply in the current quarter with some economists even raising the specter of a double-dip recession. While...

FILE - In this Aug. 14, 2019, file photo former Fed Chair Janet Yellen speaks with FOX Business Network guest anchor Jon Hilsenrath in the Fox Washington bureau in Washington. (AP Photo/Andrew Harnik, File)

Awaiting Yellen at Treasury: Yet another daunting crisis

Nov. 24, 2020 12:01 AM EST

WASHINGTON (AP) — Janet Yellen is in line for another top economic policy job — just in time to confront yet another crisis. Yellen, President-elect Joe Biden's apparent choice for treasury secretary, served on the Federal Reserve's policymaking committee during the 2008-2009 financial crisis that...

Cyclists ride along a quiet Oxford Street, London, where the majority of shops are closed as England continues a four week national lockdown to curb the spread of coronavirus,  Saturday, Nov. 21, 2020. (Dominic Lipinski/PA via AP)

UK Treasury chief shows no sign of turning off spending taps

Nov. 22, 2020 11:18 AM EST

LONDON (AP) — The U.K’s treasury chief batted away speculation Sunday that he is about to turn off the spending that has buoyed the economy during the COVID-19 pandemic, saying now is not the time to worry about the government’s record peacetime borrowing. Rishi Sunak used appearances on...

FILE - In this March 3, 2020, file photo, Federal Reserve Chair Jerome Powell pauses during a news conference, to discuss an announcement from the Federal Open Market Committee, in Washington. Powell said Tuesday, Nov. 17, 2020, that the nationwide surge in confirmed coronavirus could slow the economy in the months ahead by discouraging consumers from spending.  (AP Photo/Jacquelyn Martin, File)

Fed's Powell says surge in virus cases threatens US economy

Nov. 17, 2020 3:31 PM EST

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said Tuesday that the nationwide surge in confirmed coronavirus could slow the economy in the months ahead by discouraging consumers from spending. “We’re seeing states begin to impose some activity restrictions," Powell said in an online...

President-elect Joe Biden speaks Monday, Nov. 9, 2020, at The Queen theater in Wilmington, Del. (AP Photo/Carolyn Kaster)

Bidenomics: More stimulus, tougher regulation, and gridlock

Nov. 10, 2020 7:43 PM EST

WASHINGTON (AP) — President-elect Joe Biden will inherit a vulnerable economic recovery under threat from a resurgent virus, likely with a divided Congress that will hinder his ability to address the challenges. Yet despite the obstacles, the former vice president and senator will pursue a drastic shift...

Sen. Roy Blunt, R-Mo., speaks to reporters as he arrives for the Senate Republican policy meeting on Capitol Hill, Thursday, Sept. 17, 2020, in Washington. (AP Photo/Manuel Balce Ceneta)

GOP unveils $1.4T spending bill amid post-election turmoil

Nov. 10, 2020 12:27 PM EST

WASHINGTON (AP) — Republicans controlling the Senate unveiled a government-wide, $1.4 trillion spending bill on Tuesday, a largely bipartisan measure that faces uncertain odds during this period of post-election tumult in Washington. The GOP-drafted measure contains funding for President Donald Trump's...

Senate Majority Leader Mitch McConnell of Ky., walks back to his office on Capitol Hill in Washington, Monday, Nov. 9, 2020. (AP Photo/Susan Walsh)

Virus relief package uncertain in post-election Congress

Nov. 9, 2020 6:05 PM EST

WASHINGTON (AP) — Congress began a lame-duck session Monday facing uncertain odds for a new COVID-19 relief bill, with the split decision in the election empowering both President-elect Joe Biden and Senate Majority Leader Mitch McConnell while eroding the hardline negotiating posture of House Speaker...

European Commission's Head of Task Force for Relations with the United Kingdom Michel Barnier talks to journalists as he leaves the European Commission headquarters in Brussels, Wednesday, Nov. 4, 2020. Barnier on Wednesday briefed the European Union ambassadors on the state of negotiations with the United Kingdom, as both sides continue to struggle to find common ground on a free trade deal which needs to be in place by Jan. 1. (AP Photo/Francisco Seco)

UK, EU leaders to discuss state of post-Brexit trade talks

Nov. 6, 2020 1:31 PM EST

LONDON (AP) — British Prime Minister Boris Johnson and European Commission President Ursula von der Leyen are set to speak by telephone Saturday to assess the state of post-Brexit trade talks between the U.K. and the European Union. A spokesman at Johnson's Downing Street office said Friday that the prime...

FILE - In this Dec. 11, 2019, file photo, Saudi Arabia's state-owned oil company Armco and stock market officials celebrate during the official ceremony marking the debut of Aramco's initial public offering (IPO) on the Riyadh's stock market, in Riyadh, Saudi Arabia. Saudi Arabia's oil and gas giant Aramco announced Tuesday, Nov. 3, 2020, third quarter profits of nearly $12 billion, a significantly higher net income from its dramatically lower second quarter earnings. (AP Photo/Amr Nabil, File)

Aramco earnings up in Q3, but still far less than last year

Nov. 3, 2020 2:42 AM EST

DUBAI, United Arab Emirates (AP) — Saudi Arabia's oil and gas giant Aramco announced Tuesday third quarter profits of nearly $12 billion, a significantly higher net income from its dramatically lower second quarter earnings. Still, its third quarter earnings of $11.8 billion are down nearly 45% compared to...