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Mnuchin And Powell Back Jobless Aid And Small Business Loans

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With the prospects for any new federal aid package appearing dim, members of the Senate Banking Committee pressed both officials to list improvements that could be quickly made in the nearly $3 trillion in support that Congress has passed to fight the pandemic-induced recession that has nearly 11 million people still jobless. Democrats on the panel urged…

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—The Justice Department is expected to bring an antitrust action against Google in coming weeks, focusing on its dominance in online search and whether it was used to stifle competition and hurt consumers, a person familiar with the matter told The Associated Press Thursday. Antitrust officials at the department briefed state attorneys general Thursday on…

At a news conference, Trump outlined what he called his America First Health Care Plan. Instead of proposed legislation, Trump’s plan relies on a number of executive orders that he said would deliver “better care and more choice at a lower cost.”

A little more than six months ago, Congress united in a rare act of strong bipartisanship to pass, nearly unanimously, the Coronavirus Aid, Relief and Economic Security Act. The $2.2 trillion in federal aid kept the economy afloat while, for the good of us all, businesses shut their doors. According to data from the Bureau of Labor Statistics, nearly 22 million U.S….

The Senate Minority Leader accused the GOP of hypocritically trashing precedent to quickly transform the top court into a right-wing bulwark against the liberal values she fought for. The Supreme Court will hear on Nov. 10th the GOP lawsuit that would strike down the historic act that provides health insurance to millions and bars insurance companies from…

—A front-runner to fill the Supreme Court seat vacated by the death of Justice Ruth Bader Ginsburg is a federal appellate judge who has established herself as a reliable conservative on hot-button legal issues from abortion to gun control. Amy Coney Barrett, a devout Catholic, is hailed by religious conservatives and others on the right as an ideological heir…

Sep. 22– BOSTON– The death of Justice Ruth Bader Ginsburg, who led the liberal wing of the U.S. Supreme Court, has given President Donald Trump a rare opportunity to shape the nation's highest court for decades. “The Supreme Court is too important to rush and must be removed from partisan political infighting,” Baker wrote. “Mitch McConnell and his henchmen believe that…

Several European countries and Japan have negative interest rates— which means borrowers receive interest rather than pay interest on their loans. Federal Chairman Jerome Powell of the Federal Reserve said again this past week that the Fed will keep interest rates near zero for some extended period, while at the same time seek to create inflation of more than…

Democratic presidential nominee Joe Biden hammered President Donald Trump and leading Senate Republicans for trying to rush a replacement for the late Justice Ruth Bader Ginsburg, as pressure mounted on senators to support or oppose a quick vote to fill the seat. As the Senate returned to Washington on Monday, all eyes were on Republicans.

Sep. 18– ANDERSON– Although the number of people filing initial claims for jobless aid appears to be trending down both nationally and locally, unemployment in both categories remains historically high. “The labor market continues to heal from the viral recession, but unemployment remains extremely elevated and will remain a problem for at least a couple of…

Federal Reserve sees rates near zero at least through 2023. WASHINGTON— The Federal Reserve expects to keep its benchmark interest rate pegged near zero at least through 2023 as it strives to accelerate economic growth and drive down the unemployment rate. TOKYO— Japan’ s Parliament elected Yoshihide Suga as prime minister Wednesday, replacing long-serving…

Our nation faces the worst pandemic in a century, the deepest economic crisis in 90 years and stunning rates of hardship. Congress has returned with only a few weeks before a long recess, yet lawmakers appear to feel little urgency to address the crises. Given the enormous needs, a package should be as large as can be agreed to, and preferably more than $2 trillion to…

Democratic presidential candidate Joe Biden’s tax plan could significantly change taxes– higher income tax rates, higher capital gains rates, fewer deductions, and an aggressive estate tax. However, to get his tax plan passed if he is elected in November, Biden would also need Democratic control of the House and Senate.

Republicans and Democratic House members are far apart on an agreement. House Speaker Nancy Pelosi has continued to push for a more expansive bill but has agreed to scale down the size of the package to about $2.2 trillion, while Republicans have supported a measure worth a little more than half that amount.

Senate Democrats scuttled a scaled-back GOP coronavirus rescue package on Thursday as the parties argued to a standstill over the size and scope of the aid, likely ending hopes for coronavirus relief before the November election. Democrats said the measure shortchanged too many pressing needs.

The latest figures released by the Labor Department Thursday coincide with other recent evidence that the job market’ s improvement may be weakening after solid gains through spring and most of summer. The weakening signs are emerging just as Congress remains unable to agree on further economic relief.

Will you or won't you see an extra $50 or more in your paycheck each week as employers temporarily give workers a break on payroll taxes? President Donald Trump in August signed an executive order that allowed employers to temporarily defer payroll taxes from Sept. 1 through Dec. 31 in light of the ongoing COVID-19 disaster. Trump was attempting a workaround for…

—Hoping to replicate a strategy long seen as key to his appeal among conservative voters, President Donald Trump on Wednesday announced he is adding 20 names to a list of Supreme Court candidates he's pledged to choose from if he has future vacancies to fill. The list includes a trio of conservative Republican senators: Ted Cruz of Texas, Tom Cotton of Arkansas and…

President Donald Trump has authorized a temporary break on some federal taxes deducted from paychecks, but the plan to boost workers’ pay during the pandemic is gaining little traction in Maryland and elsewhere. Others still are evaluating whether to temporarily stop withholding the 6.2% Social Security tax on payroll.

Sep. 8– If John Alexander could have a few minutes alone with Senate Majority Leader Mitch McConnell, Alexander first would thank the statesman for his part in the CARES Act, which helped nonprofits weather the early months of COVID-19. “It would have been difficult to survive the first few months of COVID without the Paycheck Protection Program,” said Alexander,…

Joe Biden: “If Trump gets his way, Social Security benefits will run out in just three years from now.” Here's why: A new Joe Biden ad paints a bleak picture for Social Security under President Donald Trump. “The chief actuary of the Social Security Administration just released an analysis of Trump's planned cuts to Social Security.

—The United States keeps regaining more of the jobs that vanished when the viral pandemic flattened the economy early this spring. The Labor Department will issue the August jobs report at 8:30 a.m. Eastern time Friday. Friday’ s jobs data will be the second-to-last employment report— for most voters, the most visible barometer of the economy— before Election…

The latest Federal Reserve survey of U.S. economic activity found generally modest gains in August but also pessimism about the future given the threats posed by the coronavirus. The Fed report made public Wednesday said that a theme echoed across the country is the lingering uncertainty stemming from the pandemic and its negative effect.

—After struggling for much of the year to settle on a clear and concise reelection message, President Donald Trump appears to have found his 2020 rallying cry. For much of the summer, the Republican president flirted with the bumper-sticker slogan championed by Richard Nixon and George Wallace in 1968. But Trump sharply increased his focus on law and order after…

Manhattan District Attorney Cyrus Vance Jr. has agreed not to enforce the subpoena until after the appeals court makes a ruling. Trump has blasted the long-running quest for his financial records as a“ continuation of the most disgusting witch hunt in the history of our country” and predicted the case would again end up before the Supreme Court.

—President Donald Trump has pulled most of his advertising from TV over the past week, ceding the airwaves to Democratic rival Joe Biden, who is currently outspending him by more than 10- to-1, advertising data shows. During the month of August, Biden doubled what Trump spent, dropping about $80 million in states that included key battlegrounds such as Wisconsin,…

Of two potentially momentous addresses Thursday, President Donald Trump’s acceptance speech to the Republican National Convention was bound to get more attention. But the calm, analytical lecture on central bank policy by Federal Reserve Chair Jerome Powell should not be neglected.

New construction can help save the economy, analysts say.

The central bank just revised the goals of its monetary policy. The laymen’s translation? If you didn’t think rates were going to be low for a long-time, you were not listening. Cheap money is not a fad, people. Mortgage-rate cuts, for example, gave house hunters 25% more buying power in less than two years. That’s not ending soon.

Chairman Jerome Powell may be on the verge of sending a wholly different message this week: That the Fed plans to leave its key rate pinned near zero even after inflation has surpassed the central bank’s target level – at least for a while.

—The second day of the Republican National Convention started with a decidedly different, more positive tone, with an emphasis on Americans who say have they benefited from President Donald Trump’ s policies. The theatrically lit Rose Garden. They will add to criticism that Trump is exploiting the White House for political purposes in ways none of his…

—Republicans are ready to formally nominate President Donald Trump for reelection at a scaled-down convention kickoff in Charlotte that begins a weeklong effort to convince the American people that the president deserves a second term. It's a sharp contrast to the approach of Democrats, who created a roll call via video montage from states across the…

The list says Mr. Trump wants to bring home 1 million manufacturing jobs from China and provide tax credits and “100% expensing deductions” for pharmaceutical companies and other firms that move from the communist nation to the U.S.. The bullet points say companies that outsource to China shouldn't get federal contracts and Mr. Trump wants to “hold China fully…

When Postmaster General Louis DeJoy began to implement changes in the U.S. Postal Service- ones that he said were cost-cutting moves but that Democrats say are attempts to sabotage the November vote- millions of Americans rose up, howling about delayed prescriptions and other missing mail. The House quickly scheduled hearings, and DeJoy backpedaled, at least…

If homeownership is the American dream, then being a renter has become the national nightmare. The extra $600 in weekly jobless benefits from the U.S. government is done. President Donald Trump's executive order for an ongoing $400 weekly stipend largely has been ignored.

Another 1.1 million unemployed U.S. workers filed for government jobless compensation last week, the government’s Labor Department reported Thursday, one week after the weekly total had fallen below a million claims. Unemployment benefit claims have fallen sharply since late March.

As Democrat Joe Biden formally accepts his party’ s presidential nomination, a new Morning Call/Muhlenberg College poll shows him with a narrow lead over Republican President Donald Trump in the key battleground state of Pennsylvania. Another factor working in Trump’ s favor: as with his own ratings from voters, more Pennsylvania voters view Biden…

Kamala Harris said that the nation is at an “inflection point” as she accepted the nomination to be the Democratic candidate for vice president at the Democratic National Convention on Wednesday night. Harris delivered a speech recognizing her mother's role in her political career while also stating that President Donald Trump's “failure of leadership” has…

The U.S. central bank has found in a recent study that the rising monopolistic market power of dominant American companies is leading to an array of economic ills, such as income and wealth inequality. The 41-page report, titled ” Market Power, Inequality, and Financial Instability,” spells out where companies are impacting the economy.

Michelle Obama delivered a passionate condemnation of President Donald Trump during the opening night of the Democratic National Convention, declaring him“ in over his head” and warning that the nation’s mounting crises would only get worse if he’s reelected over Joe Biden.

Aug. 18– SCRANTON– Senator Bob Casey appeared at a United States Postal Service facility in Scranton today– a facility which has had three of its large-scale sorting machines removed in recent months– and called changes at the post office a threat to our very democracy. Case, D- Scranton, was scheduled to appear at the post office to members of the media just before…

Congress and the president were worthy of the kudos the citizenry bestowed on them. Economic austerity, embraced by the Senate, will not cure the problem, it will make it exponentially worse. The great concern in the Senate, in funding the Cares Act, is growth of the national debt and the taxpayer’ s ability to service it.

President Donald Trump is pining his re-election hopes on an economic turnaround.

This month the head of the Federal Reserve Bank of Cleveland cautioned that, while unemployment has come down, “the current level is still above its peak in the aftermath of the Great Recession. And there are still almost 18 million unemployed workers in the U.S., compared with 6 million in February.

But as the party gathers virtually this week to nominate Joe Biden for the presidency, the possibility of President Donald Trump's reelection has become Democrats' unifying and energizing force. It reflects both the work Biden has done to court the left and the urgency among Democrats to defeat Trump, which has only intensified amid the pandemic, economic…

Aug. 16– Congress has recessed. The senators and members of the House of Representatives have jetted home. Max Rose, a freshman New York Democrat who won in a district President Trump captured in 2016, had promised to go to Washington to get things done, not focus on partisan game playing.

FRANKFURT, Germany— People in China are back to buying German luxury cars. After springtime restrictions, many U.S. states prematurely declared victory over the virus and began to reopen their economies, leading to a resurgence in COVID-19 cases. That makes its handling of the pandemic and its economy crucial for companies like Officina del Poggio, a producer of…

Former Federal Reserve Chair Janet Yellen was among a team of advisers who briefed Joe Biden on Thursday about the economic fallout from the coronavirus. Kamala Harris, participated in the briefing from separate, socially distanced tables at a hotel in Wilmington, Delaware.

WASHINGTON— The number of laid-off workers applying for unemployment aid fell below 1 million last week for the first time since the viral pandemic intensified five months ago, yet still remains at a high level. The latest figures show that the pandemic keeps forcing layoffs just as the expiration of a $600- a-week federal jobless benefit has deepened the…

Kamala Harris as his running mate, it hasn't dampened the political stakes in Southern California. The political drama will likely be profound, especially if the ticket ultimately snags the White House. Gavin Newsom would be in position to pick an interim U.S. senator to fill out Harris' term, which expires at the beginning of 2023..

In the final primaries of the year nationwide, President Donald Trump and Democrat Joe Biden were declared the winners Tuesday night as Connecticut closed out the primary season for the presidential candidates. The Connecticut primary had been postponed twice due to concerns about the spreading coronavirus pandemic– pushing the contest into August and…

Aug. 12– Helen Whiteford immediately recalled her own upbringing, as the child of immigrants, after learning presumptive Democratic Party presidential nominee Joe Biden picked U.S. Sen. Kamala Harris, whose parents came from India and Jamaica, to be his vice presidential running mate on Tuesday. “The business of immigrants, that has such a profound effect on me…

At this same point in the 2016 race in Wisconsin, the Marquette poll showed Democratic nominee Hillary Clinton with a post-convention bounce and leading Trump by 10 percentage points among registered voters and 15 points among likely voters. This year's conventions are running back to back, beginning with the Democrats next week with a virtual event…

The Democratic leader has been here before, negotiating a deal with the White House to save the U.S. economy, and lessons from the Great Recession are now punctuating the coronavirus talks. Over the weekend, he launched a series of executive actions that give the appearance of a White House taking charge but may end up providing little help for ordinary Americans.

District Judge Victor Marrero's ruling was upheld last month by the U.S. Supreme Court, though the high court returned to the case to him, saying Trump's lawyers were entitled to challenge the subpoena in the same manner as anyone else. Vance's attorneys said they were entitled to extensive records to aid a“ complex financial investigation “and they cited in…

President Donald Trump may be coming to Pennsylvania later this month to formally accept his renomination for president. “We have narrowed the Presidential Nomination Acceptance Speech, to be delivered on the final night of the Convention, to two locations- The Great Battlefield of Gettysburg, Pennsylvania, and the White House, Washington, D.C. We will announce…

President Donald Trump is pining his re-election hopes on an economic turnaround.

A Quinnipiac University poll of Florida voters released last month showed Biden leading Trump by three points, 49% to 46%, among older voters. The poll said 80% of people over the age of 65 were paying “a lot” of attention to the presidential race.

The White House and top Democratic lawmakers sparred Sunday over President Donald Trump’ s executive orders to extend expired benefits to tens of millions of American workers left unemployed by the coronavirus pandemic and defer payroll taxes for many workers.

Equally up in the air is whether states, which are necessary partners in Trump's plan to bypass Congress, will sign on. Congress had approved payments of $600 a week at the outset of the coronavirus outbreak, but those benefits expired Aug. 1 and Congress has been unable to agree on an extension. But under Trump's plan, the $400 a week requires a state to commit to…

Mnuchin said the Trump administration agrees with Democrats on a number of provisions included in both Democratic- and Republican-led stimulus proposals. But the GOP plan released earlier this month by Senate Majority Leader Mitch McConnell had a $1 trillion price tag compared to the $3 trillion package advanced by Democrats, and talks last week between…

Top Democrats emerged from a 90-minute meeting with Trump administration officials to declare more progress on reaching common ground in an aid package expected to include a second round of $1,200 direct payments. Another glimmer of hope emerged as a key Senate Republican suggested the party may yield to Democrats on an increase in the food stamp benefit.

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