U.S. Economy

Sens. Marco Rubio, R-Fla., and Thom Tillis, R-N.C., have renewed an earlier push to ensure that American citizens who are married to foreign nationals without Social Security numbers receive stimulus payments.

The framework is expected to extend — but reduce substantially — just-expired expanded unemployment benefits, send a fresh round of $1,200 stimulus check to American adults earning less than $75,000 in August and funnel tens of billions of dollars in aid to schools and universities.  

Officials have warned this month in speeches and interviews that the economy faces a deeper downturn and more difficult recovery if the country doesn't take more effective action to slow the spread of infection.

"Unemployment benefits are essential," former U.S. International Trade Commission Chief Economist Peter Morici said on Sunday regarding what he thinks should be included in the next coronavirus stimulus bill.

In an interview with "Sunday Morning Futures" host Maria Bartiromo, Bridgewater Associates Founder Ray Dalio warned of a potential capital war if the United States government bans investment in China or withholds its bond payments to the country.

The two months of sales gains followed two months of sharp declines in sales in March and April as much of the country went into lockdown.

Sparc's offer will be subject to higher and better bids due by Aug. 5 and has been designated as the "stalking horse," setting a minimum for others to beat.

Initial jobless claims for the week ended July 18 rose by 1.416 million, raising the total number of first-time filings to more than 52 million since COVID-19 stay-at-home orders began.

The treasury secretary said President Trump’s request for a payroll tax cut will not be included in the fourth coronavirus stimulus bill, while hinting a fifth package could be on the horizon.

It marks the 18th week in a row that initial claims came in above 1 million.

Former Reagan economic adviser Art Laffer told “America’s Newsroom” on Tuesday that he spoke with President Trump on the phone the day before about a payroll tax cut and said he thinks it’s “a perfect way to really reignite the economy” by “creating jobs, output and employment.”

The sweetened benefits are set to expire next week and the typical unemployment check, which varies by state, will return to below $400 per week.

Under the plan, schools, businesses and frontline health care workers could only be found liable for damages in cases of gross negligence and intentional misconduct.

Mnuchin appeared to back a proposal from U.S. banks and others who have said the massive lending program should see loans under $150,000 automatically turned into grants.

The central bank also changed the minimum employee provision for nonprofits to 10 from 50, allowing smaller groups to participate.

Housing starts increased 17.3% to a seasonally adjusted annual rate of 1.186 million units last month; the percentage increase was the largest since October 2016.

Experts broadly agree that reopening schools in the fall could be key to reversing the severe economic damage inflicted by the pandemic.

What are you supposed to do if you can't return to work and you can't count on an extra $600 per week in unemployment benefits anymore?

Some Trump administration officials are concerned that if the aid package is worth more than $1 trillion, the White House risks losing pivotal support from fiscally conservative Senate Republicans who are starting to balk at the unprecedented debt and spending levels.

The $2.2 trillion CARES Act passed by Congress in March provided a slew of relief options to American workers and businesses, including tax benefits for donating to charity.