The United States on Tuesday reported a record $738 billion budget deficit in April as an explosion in government spending and a shrinking of revenues amid the novel coronavirus pandemic pushed it deeply into the red.
Having been asked to come to New York City to help with the COVID-19 crisis, disaster relief organization Samaritan’s Purse (SP) has been told it must pay state taxes for the time it spent running its free-of-charge field hospital in Central Park.
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 set records for both the amount of taxes it collected and the amount of money it spent in the first five months of fiscal 2020 (October through February), according to data released today in the Monthly Treasury Statement.
The U.S. trade deficit narrowed in January as exports fell but imports fell more. The politically sensitive trade gap with China widened.
The US budget deficit swelled at the beginning of 2020 even as the economy continued to grow at a steady pace.
President Donald Trump’s $4.8 trillion budget proposal presented to Congress today boosts funds for the military and veterans and implements mandatory reforms for all agencies in an attempt to cut the deficit by $4.6 trillion over the next decade.
A Nigerian professor-turned-politician claimed last week that Boko Haram has created nearly 120,000 orphans and widows since it began its onslaught against Christians in the West African nation.
The White House on Sunday unveiled a $4.8 trillion budget proposal that would slash spending dramatically on foreign aid and social safety nets, while including $2 billion for a southern border wall and substantially boosting funding to NASA, the Department of Veterans Affairs and the Department of Homeland Security.
The U.S. trade deficit fell for the first time in six years in 2019 as President Donald Trump hammered China with import taxes.
The latest Congressional Budget Office (CBO) report projects that the federal debt will grow to 98 percent of GDP by 2030, with the economy expanding at an average annual rate of 1.7 percent from 2021 to 2030.
The U.S. economy will grow at a ‘solid’ rate of 2.2 percent this year, the non-partisan Congressional Budget Office forecast on Tuesday, but with federal budget deficits hitting $1.015 trillion.
The U.S. budget deficit through the first three months of this budget year is up 11.8 percent from the same period a year ago, putting the country on track to record its first $1 trillion deficit in eight years.
The U.S. trade deficit fell in November to the lowest level in more than three years as U.S. exports rose while imports declined, putting the country on track to see the first annual decline in the trade deficit in six years.
Friday night, President Donald Trump signed a bill a $1.4 trillion spending package that funds the military and domestic programs, building portions of the border wall and government agencies, including a government commission that monitors religious freedom worldwide.
The federal government collected record total tax revenues of $470,706,000,000 in October and November, the first two months of fiscal 2020, according to the Monthly Treasury Statement released today.
The U.S. government deficit rose by 12 percent in the first two months of the 2020 fiscal year, hitting $342 billion, according to new estimates from the Congressional Budget Office.
The U.S. trade deficit dropped to its lowest level in nearly 1-1/2 years in October, suggesting trade could contribute to economic growth in the fourth quarter, though a broad decline in imports hinted at a slowdown in domestic demand.
The U.S. government recorded a $134 billion budget deficit in October, the first month of the new fiscal year, the Treasury Department said Wednesday.