Tag: Stimulus (Economic)

Trump Makes Clear His Opposition to More Money to Support Mail Voting

WASHINGTON — President Trump stirred new questions on Thursday about whether he would seek to hold up new money to the Postal Service to impede mail-in voting this fall in the midst of the pandemic. Repeating the unfounded claim that the election could be riddled with fraud if mail ballots were widely used, he made […]

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Trump Makes Clear His Opposition to More Money for USPS to Support Mail Voting

WASHINGTON — President Trump stirred new questions on Thursday about whether he would seek to hold up new money to the Postal Service to impede mail-in voting this fall in the midst of the pandemic. Repeating the unfounded claim that the election could be riddled with fraud if mail ballots were widely used, he made […]

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$400 Unemployment Supplement Is Really $300, and Won’t Arrive Soon

The federal aid to unemployed workers that President Trump announced last weekend looks likely to be smaller than initially suggested — and it remains unclear when the money will start flowing, how long it will last or how many workers will benefit. The uncertainty comes at a delicate time for the economy. New applications for […]

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Trump’s Push to Cut Payroll Taxes Opens a Democratic Line of Attack

WASHINGTON — When President Trump announced that he was unilaterally deferring payroll taxes to bring economic relief to struggling Americans, he and his aides thought it would allow them to frame him as pro-worker. But the move comes with political risks. Eliminating the payroll tax could jeopardize the funding stream for Social Security, which is […]

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Trump’s Payroll Tax Holiday Order Gives Employers a New Dilemma

The White House has pitched its payroll tax holiday as a boon to American workers that would fatten their paychecks and provide a jolt to the economy. But for companies large and small, the presidential intervention poses difficult legal and logistical questions that only add to the uncertainty that executives and workers are contending with […]

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Administration Officials Defend Executive Action on Pandemic Relief

WASHINGTON — Facing sharp criticism, administration officials on Sunday struggled to explain the executive actions President Trump used to circumvent Congress in the absence of an agreement on a coronavirus aid package, even as they defended him and insisted that Americans would receive the relief he promised. The president’s decision on Saturday to sign a […]

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Trump’s Go-It-Alone Stimulus Won’t Do Much to Lift the Recovery

The executive actions President Trump took on Saturday were pitched as a unilateral jolt for an ailing economy. But there is only one group of workers that seems guaranteed to benefit from them, at least right away: lawyers. Mr. Trump’s measures include an eviction moratorium, a new benefit to supplement unemployment assistance for workers and […]

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Pelosi Is Playing Hardball on Coronavirus Relief. She Thinks She’ll Win.

WASHINGTON — As the clock ticked down Thursday on a self-imposed deadline for a breakthrough in coronavirus relief talks with no deal in sight, Jim Cramer, the brash CNBC host, had an on-air proposal for Speaker Nancy Pelosi of California. Why not try invoking the memory of the late civil rights icon John Lewis to […]

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Away From Gridlock in Washington, Trump Puts on a Show for His Club

WASHINGTON — After spending a day huddled with his campaign advisers at his private club in Bedminster, N.J., President Trump emerged on Friday night for a surprise “news conference” that seemed at times to be as much a benefit for his loyal club members as it was about making any news or addressing the crisis […]

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Trump Threatens to Bypass Congress as Stimulus Talks Fail Again

WASHINGTON — Crisis negotiations between the White House and top Democrats teetered on the brink of collapse on Friday, as both sides said they remained deeply divided on an economic recovery package and President Trump threatened to bypass Congress and act on his own to provide relief if no deal could be reached. In a […]

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In Stimulus Talks, McConnell Is Outside the Room and in a Tight Spot

WASHINGTON — Senator Mitch McConnell has put himself in one of the toughest spots of a political life that has seen plenty of them. Up for re-election in the middle of an unforgiving pandemic, the Kentucky Republican and majority leader is caught in a family feud between a group of endangered incumbents in his party […]

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Without a Coronavirus Relief Bill, Congress Shouldn’t Go On Recess

On Friday, Congress effectively pushed millions of Americans off a financial cliff when it failed to extend the enhanced unemployment benefits put in place in March to soften the economic pain of the coronavirus pandemic. Millions of Americans are also in imminent danger of losing their homes as federal moratoriums on evictions expire. Preventing this […]

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Republican Leaders Couldn’t Care Less About the Unemployed

In case you haven’t noticed, the coronavirus is still very much with us. Around a thousand Americans are dying from Covid-19 each day, 10 times the rate in the European Union. Thanks to our failure to control the pandemic, we’re still suffering from Great Depression levels of unemployment; a brief recovery driven by premature attempts […]

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With Jobless Aid Expired, Trump Sidelines Himself in Stimulus Talks

On the first day of the first full week when tens of millions of Americans went without the federal jobless aid that has cushioned them during the pandemic, President Trump was not cajoling undecided lawmakers to embrace a critical stimulus bill to stabilize the foundering economy. He was at the White House, hurling insults at […]

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Rescue of Troubled Trucking Company With White House Ties Draws Scrutiny

WASHINGTON — At a virtual congressional hearing in May, Senator Jerry Moran, Republican of Kansas, asked Treasury Secretary Steven Mnuchin for help. A struggling trucking company in his state was on the brink of collapse and needed government support. Eager to assist, Mr. Mnuchin assured the senator that “we will look at that specific company […]

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One-Third of New York’s Small Businesses May Be Gone Forever

In early March, Glady’s, a Caribbean restaurant in Brooklyn, was bringing in about $35,000 a week in revenue. The Bank Street Bookstore, a 50-year-old children’s shop in Manhattan, was preparing for busy spring and summer shopping seasons. And Busy Bodies, a play space for children in Brooklyn, had just wrapped up months of packed classes […]

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Relief Package Deal Remains Elusive as Impasse Over Jobless Benefits Persists

WASHINGTON — Top Trump administration officials and lawmakers cautioned on Sunday that a deal over a new relief package to help people and businesses weather the coronavirus crisis remained elusive even as the debate over the details of the aid was set to take center stage in the coming week. A meeting on Saturday in […]

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U.S. Small Business Bailout Money Flowed to Chinese-Owned Companies

WASHINGTON — President Trump has blamed China for the coronavirus pandemic and the ensuing economic crisis, but as the White House looks to stabilize small businesses in the United States, the rescue effort has had an unintended beneficiary: Chinese companies. Millions of dollars of American taxpayer money have flowed to China from the $660 billion […]

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Big Tech Companies Report Big Profits

You won’t want to miss our next DealBook Debrief call, where we will discuss racial injustice and corporate America with special guest Nikole Hannah-Jones, The Times’s domestic correspondent and creator of The 1619 Project. What more is needed from the business community to produce lasting change? Join us on Thursday, Aug. 6 at 11 a.m. […]

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Does Trump Want to Save His Economy?

WASHINGTON — The United States just suffered its worst economic quarter in nearly 75 years. Its recovery from the depths of a pandemic-induced recession has stalled, as coronavirus deaths rise again across the country. President Trump has what appears to be one final chance to cut a deal with Congress to ensure hard-hit workers and […]

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Mitch McConnell Could Rescue Millions. What Is He Waiting For?

The worst economic news on Thursday was not the official announcement that the American economy shrank at an annualized rate of 32.9 percent in the second quarter of 2020 — a grim quantification of the pain caused by the coronavirus pandemic. No, the really bad news was the lack of action on Capitol Hill. Congress […]

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How Pimco’s Cayman-Based Hedge Fund Can Profit From the Fed’s Rescue

WASHINGTON — Pacific Investment Management Company runs a hedge fund registered in the Cayman Islands, a common structure for avoiding certain U.S. taxes. But when a profit opportunity arose from the ashes of America’s coronavirus crisis, that international location did not stop it from seizing the moment. The Federal Reserve opened a highly anticipated emergency […]

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As Trump Undercuts Aid Talks, White House Says Extra Jobless Benefits Will Lapse

WASHINGTON — The prospects for a quick agreement between the Trump administration and congressional Democrats on a new round of aid for the ailing economy faded on Wednesday, as President Trump undercut his own party’s efforts to negotiate a deal and a top White House official declared that a lifeline to unemployed workers would run […]

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Why Hunger Can Grow Even When Poverty Doesn’t

The news about the needy in recent weeks has at times seemed at odds with itself. As surveys find more people are going hungry, evidence suggests that increased federal aid, in response to the pandemic-driven rise in unemployment, has prevented a surge in poverty. How could hunger soar if poverty does not? The possible explanations […]

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Here Are the Differences Between the House and Senate Coronavirus Relief Bills

WASHINGTON — With the economic and public health toll of the coronavirus pandemic continuing to mount across the country, members of Congress are debating another round of federal relief for individuals and businesses. But it remains unclear how Democrats and Republicans will reconcile their vastly different proposals. They are staring down a tight deadline, with […]

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As Republicans Embrace Cut in Jobless Aid, Divisions Weaken Their Leverage

WASHINGTON — Senate Republicans and the White House on Monday threw their support behind a substantial cut in jobless aid for tens of millions of Americans laid off amid the pandemic, proposing a weekly reduction of $400 to a benefit that has cushioned the nation’s economy even as coronavirus cases continue to rise across the […]

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Slowly, Italy Is Waking From the Coronavirus Nightmare

ROME — Streets are quiet, squares are empty, you can hear the gurgling of the city’s ubiquitous fountains in the daytime. The platoons of Chinese tourists are nowhere to be seen; the American travelers — their hats, their sandals, their holiday shorts — have disappeared. Only a few German families with young children brave the […]

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Trump Officials Float Idea of Narrow Bill to Extend Unemployment Benefits

Top Trump administration officials proposed on Sunday potentially short circuiting free-ranging stimulus talks with Democrats to rush through a much narrower bill prioritizing an extension of federal unemployment benefits that are set to expire this week for millions of Americans. Mark Meadows, the White House chief of staff, said he would now like to see […]

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Republican Stimulus Talks Stall Over Differences on Unemployment

WASHINGTON — Republicans stumbled on Thursday in their efforts to find agreement on a broad new proposal to lift the struggling economy, with Senate leaders and the Trump administration at odds over multiple provisions, including how to extend unemployment benefits and White House requests for spending unrelated to the pandemic. Even after President Trump folded […]

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Republicans, Deeply Divided on Coronavirus Stimulus, Near Agreement on Opening Offer

WASHINGTON — Conservatives are apoplectic about its $1 trillion cost. Embattled mainstream Republicans are desperate to act quickly and aggressively to show voters they are doing something about the pandemic and resulting recession. And President Trump keeps insisting on proposals, like a costly payroll tax cut, that will do nothing to help tens of millions […]

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How to Fix America: Spend. Spend. Spend.

As a respite from a chaotic spring spent under quarantine, my family booked a weeklong vacation last month in a cozy, remote house in the California desert. While the kids cannonballed into the saltwater pool and my wife sped through several novels, I spent my time in the sun doing exactly the sort of thing […]

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