With experts suggesting Covid-19 infections in the U.S. could more than double on a daily basis without better containment, the chair of the Federal Reserve also warned Congress on Tuesday that a full economic recovery will remain out of reach until the pandemic is under control.
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The federal government’s response to the coronavirus recession has helped prop up flailing companies and families, but it is also riddled with problems.
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Kicking off the summer, U.S. markets limped into the week with modest gains despite a disturbing rise in global cases of Covid-19.
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With 40 million Americans unemployed and cases of Covid-19 cropping up at record rates in several states, the congressional watchdog tasked with overseeing the Trump administration’s response to the continuing pandemic wants answers from the White House about why it will not submit routine economic forecasts.
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Government watchdogs warn that a legal determination by the Trump administration could severely limit their ability to oversee more than $1 trillion in spending related to the coronavirus pandemic.
Read moreThe Trump administration blamed Native American tribes for waiting until the eleventh hour to challenge the distribution metrics for Covid-19 relief funds in federal court on Thursday, as the government gears up to send billions of dollars out the door over the next week.
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Telling senators that the federal lending program for small businesses facing coronavirus-related financial difficulty has overcome an admittedly shaky rollout, Treasury Secretary Steve Mnuchin predicted Wednesday that the economy is poised to rebound with gusto.
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The Trump administration has kept up collecting on federal student loan debt during the Covid-19 pandemic by withholding urgently needed tax refunds, according to a lawsuit filed Friday in Washington federal court.
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Stock losses that started off minor only deepened Tuesday by the end of two-hour Senate hearing where Treasury Secretary Steven Mnuchin warned of at least another month of economic hardship.
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Federal Reserve Chair Jerome Powell told a Senate panel on Tuesday he expects federal initiatives meant to stabilize the economy during the coronavirus pandemic will be up and running by the end of the month.
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Promising news of a Covid-19 vaccine was not enough to keep markets rallying on Tuesday. MANHATTAN (CN) — Markets coughed
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Treasury Secretary Steven Mnuchin was expected to come under tough questioning from senators Tuesday about a small business lending program included in the government’s $2 trillion relief package.
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A congressional panel overseeing a $500 billion economic relief fund said Monday the Treasury Department has not doled out any of the money set aside to help airlines and certain other industries ride out the coronavirus pandemic.
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Senate Democrats on Tuesday questioned whether a White House lawyer will remain independent if he is confirmed to a position overseeing how the Treasury Department doles out $500 billion in bailouts to industries struggling amid the coronavirus pandemic.
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A federal judge Monday blocked the Trump administration from distributing coronavirus emergency funds meant for Native American tribes to hundreds of Alaskan for-profit corporations.
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Monday’s buying spree on Wall Street turned into selloff in the afternoon as news broke the Trump administration was pushing for more loans to small businesses.
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Senate Democrats on Monday again blocked a massive stimulus package responding to the coronavirus outbreak, though Senate Minority Leader Chuck Schumer held out hope for a deal by the end of the day.
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Treasury Secretary Steven Mnuchin said Thursday the Trump administration could start sending payments of $1,000 for adults and $500 for children as part of a $1 trillion economic stimulus package in response to the coronavirus outbreak.
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