Economists are struggling to understand how bad the fallout might get and how long it might take to recover.
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“It’s your job to survive and to make sure that when these social controls are lifted and everybody starts to come back out that you’re ready for business,” IU’s Phil Powell, an economist at the Kelley School of Business, tells host Mason King.
Read MoreThe massive bill includes $1.4 trillion to fund government agencies through September and contains other end-of-session priorities such as money for cash-starved transit systems and an increase in food stamp benefits.
The federal government could shut down on Tuesday absent Trump’s signature on the attached, $1.4 trillion spending bill to fund operations through Sept. 30, the end of the fiscal year.
The rare Christmas Eve session of the House lasted just minutes, with help for millions of Americans awaiting Trump’s signature on a stimulus bill Congress passed earlier this week.
If Trump does not sign the $900 billion stimulus package, 12 million Americans will lose unemployment aid after Christmas.
In a video posted to Twitter, the president called the $600 checks authorized by the bill “ridiculously low” and complained about a list of provisions that he described as “wasteful spending and much more.”
The bill, approved late Monday by the U.S. House and Senate, will deliver long-sought cash to businesses and individuals and resources to vaccinate a nation confronting a frightening surge in COVID-19 cases and deaths.
The tax break for corporate meal expenses has been denounced by congressional Democrats, but they agreed to the provision in exchange for expanded tax credits for low-income families and the working poor.
The deal includes stimulus checks and would extend unemployment benefits of up to $300 per week, which could start as early as Dec. 27.
The breakthrough came after two days of scrambling that sent tremors across Capitol Hill, as lawmakers realized that a deal badly desired by both sides could fall through at the last minute.
President Donald Trump said Tuesday that the White House would approve a big stimulus package after the election and predicted that Republicans would retake control of the House of Representatives.
The solid economic recovery under way could falter without continued financial support from the government, Fed Chair Jerome Powell said Tuesday.
Enhanced unemployment benefits are expiring at the end of this week for millions of Americans.
Indiana Legal Services, Prosperity Indiana, Neighborhood Christian Legal Clinic and Indiana Institute for Working Families petitioned the court to protect the payments issued as part of the federal Coronavirus Aid, Relief and Economic Security Act.
Investors have been clamoring for strong action from the U.S. government to combat the economic impact of the virus outbreak.
On Thursday, the Fed unveiled a massive short-term lending program to try to help smooth trading in U.S. Treasuries. Many economists now expect the Fed to slash its benchmark interest rate by a full percentage point, to nearly zero, at its policy meeting next week.
The president also said he was seeking to provide assistance to the airline, hotel and cruise industries, which are all suffering as Americans rapidly cancel travel plans.
The epic overhaul of U.S. tax laws offers generous tax cuts for corporations and the wealthiest Americans while providing smaller cuts for middle- and low-income families. It’s projected to increase the national debt while potentially boosting economic growth.
The area on the near-east side is one of eight nationally to be designated for the program, which gives high-poverty communities a leg up in receiving assistance for revitalization efforts.
Employers added 217,000 jobs in May, a substantial gain for a fourth straight month, fueling hopes that the economy will accelerate after a grim start to the year.
A pitch last week from Indiana Democrats was a nonstarter. But a Quinnipiac University poll this month found 71 percent of Americans in favor of raising the minimum wage—including more than half of Republicans polled.
