The S&P 500 opened near a new record high Tuesday morning, the same day the S&P Global Market Intelligence report projected that corporate bankruptcies will reach a 10-year high in 2020.
German Chancellor Angela Merkel has said a further summit of European Union member states may be required if Friday’s planned meeting fails to produce agreement on an economic stimulus package to help the bloc recover financially from COVID-19, the Washington Times reports.
The Democrat-controlled House approved a $1.5 trillion infrastructure plan Wednesday that would not only rebuild failing roads, railways, ports and transit systems but also fund schools, health care, public utilities, and housing, PBS reported.
According to a new study, many African nations struggling with the COVID-19 pandemic may find themselves defaulting on debt repayments, DW reports. Weak currencies, higher interest rates, and reduced oil prices could result in African governments losing an estimated US$45 billion in revenue this year alone, the study found.
As governments around the world battle the economic fallout of the COVID-19 pandemic, the International Monetary Fund (IMF) has published a further grim forecast, predicting a 4.9% contraction in global GDP (gross domestic product) for 2020, a lower figure than the 3% forecast in April, CNBC reports. The IMF also downgraded its GDP prediction for 2021, lowering it to 5.4% from the 5.8% forecast in April.
The debt of the federal government topped $26 trillion for the first time on Tuesday, when it climbed from $25,960,547,920,986.11 to $26,003,751,512,344.91, according to data released today by the Treasury Department.
The U.S. House of Representatives passed a massive $3 trillion virus aid package after batting back a last-minute Republican effort that threatened the measure.
A new Democratic bill proposed by U.S. House Speaker Nancy Pelosi, D-Calif., without input from Republicans or the Trump administration is “dead on arrival,” top Republican leaders say.
On Wednesday, the national debt soared above $25 trillion as Congress continues to approve massive spending projects to alleviate consequences resulting from the coronavirus pandemic.
A top Democrat said Wednesday the House could return next week to pass a major economic aid bill aimed at providing more than $1 trillion in local aid, bonus pay for front-line workers, and a bailout of U.S. Postal Service debt.
Consumer debt hit a fresh record high to start 2020, even as credit card balances declined while Americans adjusted to the coronavirus pandemic.
The federal debt has increased by more than $1 trillion so far in the month of April, according to data released by the U.S. Treasury.
The US Congressional Budget Office (CBO) predicted on Friday that, as a result of the COVID-19 pandemic, America’s deficit will reach $3.7 trillion this year, Politico reports. The CBO also said that unemployment will rise to 16 percent in 2020, before going to down to 9.5 percent by the end of 2021.
Debt held by the public will exceed the size of the U.S. economy by the end of fiscal 2020, a watchdog said Monday.
The federal government debt of the United States has reached a record $24 trillion despite warnings by the nation’s leading watchdog that it is unsustainable for the world’s largest economy.
A disagreement over eurozone loans on Wednesday halted European Union (EU) efforts to agree on a deal on managing the economic fallout of the coronavirus pandemic. Negotiations between European finance ministers were suspended until Thursday after 16 hours of talks brought no resolution. Yesterday’s discussions followed similar talks that were held last month, when no agreement was reached either.
Worldwide debt reached 322% of GDP last year, according to new figures which will worry governments planning post-coronavirus economic recoveries.
Moody’s Investors Service has cut its outlook on corporate debt to negative, saying that an economy about to tip into recession because of the coronavirus will result in rising default rates.
The coronavirus crisis has brought another first to U.S. financial markets — negative yields on government debt.
Many provisions in the failed Senate bill touted as an essential aid to help those on the front lines battling the coronavirus includes a litany of pork barrel spending that is totally unrelated to emergency relief for the virus, critics contend.