Latest Fiscal policy News

House Speaker Nancy Pelosi of Calif. smiles while speaking at a news conference on Capitol Hill in Washington, Friday, July 31, 2020. (AP Photo/Andrew Harnik)

Trump, GOP soften on opposition to $600 jobless benefit

Jul. 31, 2020 4:20 PM EDT

WASHINGTON (AP) — The White House and its GOP allies appear to be retreating from their opposition to a $600-per-week supplemental unemployment benefit that has propped up the economy and family budgets but is expiring Friday. President Donald Trump is eager to extend the benefit, undercutting his GOP...

FILE - In this Dec. 14, 2018, file photo, then Wisconsin Gov. Scott Walker speaks during a news conference in Green Bay, Wis. The conservative-controlled Wisconsin Supreme Court on Friday, July 10, 2020, overturned three of four partial budget vetoes issued by Democratic Gov. Tony Evers, bucking decades of court precedent that upheld the governor's broad veto powers. However, the justices also upheld one of Evers' vetoes and declined to consider a challenge to a pair of partial vetoes issued by Republican Gov. Scott Walker in 2017, saying the 2019 lawsuit was filed too late. (Jim Matthews/The Green Bay Press-Gazette via AP File)

Budget hawks hatch plan to force constitutional convention

Jul. 31, 2020 11:14 AM EDT

WASHINGTON (AP) — GOP activists want to trigger a constitutional convention with the goal of enacting a federal balanced budget amendment, potentially requiring massive cuts to government spending. Critics warned a convention could decide to take on topics beyond a balanced budget and propose other big...

A shopper passes a display window with mask covered mannequins at a dress store, Thursday, July 30, 2020, in McAllen, Texas. (AP Photo/Eric Gay)

Record economic plunge, bleak jobs numbers reveal virus toll

Jul. 30, 2020 5:37 PM EDT

WASHINGTON (AP) — The coronavirus pandemic sent the U.S. economy plunging by a record-shattering 32.9% annual rate last quarter and is still inflicting damage across the country, squeezing already struggling businesses and forcing a wave of layoffs that shows no sign of abating. The economy's collapse in...

Government revisions show slightly slower 2019 GDP growth

Jul. 30, 2020 11:55 AM EDT

WASHINGTON (AP) — The government says the U.S economy grew a bit more slowly last year than it had previously estimated and slightly faster in 2018. Those changes emerged Thursday in the government's annual revisions to its estimates of the gross domestic product, the economy's total output of goods and...

The buildings of the banking district are seen in Frankfurt, Germany, Thursday, July 30, 2020. The Federal Statistical Office will release 2nd-quarter German GDP (gross domestic product) figures on Thursday. (AP Photo/Michael Probst)

German economy plunged 10% during 2nd quarter amid pandemic

Jul. 30, 2020 6:51 AM EDT

FRANKFURT, Germany (AP) — Germany’s economy, Europe's largest, took a massive hit during the pandemic shutdowns, shrinking by 10.1% percent during the April-June period from the previous quarter as exports and business investment collapsed. It was the biggest drop since quarterly growth figures...

FILE - In this July 13, 2020 file photo, a For Rent sign hangs on a closed shop during the coronavirus pandemic in Miami Beach, Fla.  Having endured what was surely a record-shattering slump last quarter, the U.S. economy faces a dim outlook as a resurgent coronavirus intensifies doubts about the likelihood of any sustained recovery the rest of the year. (AP Photo/Lynne Sladky)

US is expected to report a record-breaking economic plunge

Jul. 29, 2020 2:33 PM EDT

WASHINGTON (AP) — Having endured what was surely a record-shattering slump last quarter, the U.S. economy faces a dim outlook as a resurgent coronavirus intensifies doubts about any sustained recovery the rest of the year. A huge plunge in consumer spending as people stayed home and avoided shopping,...

A woman wearing face masks walks past a bank's electronic board showing the Hong Kong share index in Hong Kong Wednesday, July 29, 2020. Asian shares were mixed Wednesday as reports of dismal company earnings add to pessimism over the widespread economic fallout from the coronavirus pandemic.(AP Photo/Vincent Yu)

Asian shares mixed amid dismal earnings, Wall Street slump

Jul. 29, 2020 12:22 AM EDT

TOKYO (AP) — Asian shares were mixed Wednesday as reports of dismal company earnings add to pessimism over the widespread economic fallout from the coronavirus pandemic. Tokyo's Nikkei 225 index lost 0.9% after Fitch Ratings downgraded its outlook for Japan to “negative” from...

House Speaker Nancy Pelosi of Calif., left, and Senate Minority Leader Sen. Chuck Schumer of N.Y., speak to the media, Tuesday, July 28, 2020, on Capitol Hill in Washington. (AP Photo/Jacquelyn Martin)

Democrats, GOP far apart on virus aid; Trump wants a deal

Jul. 28, 2020 7:25 PM EDT

WASHINGTON (AP) — A day of shuttle diplomacy on Capitol Hill over a coronavirus aid package produced few results Tuesday, with stark differences between the $3 trillion proposal from Democrats and $1 trillion counteroffer from Republicans as millions of Americans' jobless benefits, school reopenings and...

A woman wearing a face mask stands beneath a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange in Hong Kong Tuesday, July 28, 2020. Shares advanced in Asia on Tuesday after U.S. stocks resumed their upward march on Wall Street, while the price of gold pushed to nearly $1,970 per ounce. (AP Photo/Vincent Yu)

Asian shares advance after Wall St rally; gold extends gains

Jul. 27, 2020 11:37 PM EDT

MITO, Japan (AP) — Shares advanced in Asia on Tuesday after U.S. stocks resumed their upward march on Wall Street, while the price of gold pushed to nearly $1,970 per ounce. Benchmarks climbed in Hong Kong, Tokyo and Shanghai after the S&P 500 rose 0.7% overnight. Much attention will be focused on a...

House Speaker Nancy Pelosi of Calif., accompanied by Rep. Dan Kildee, D-Mich., left, and Rep. Danny Davis, D-Ill., right, speaks at a news conference on Capitol Hill in Washington, Friday, July 24, 2020, on the extension of federal unemployment benefits. (AP Photo/Andrew Harnik)

As Congress fights, analysts warn economy needs help now

Jul. 27, 2020 1:16 PM EDT

WASHINGTON (AP) — As Congress and the White House resume their efforts to agree on a new economic aid package, evidence is growing that the U.S. economy is faltering. And so is concern that the government may not take the steps needed to support hiring and growth. “We’re in a pretty fragile...