FISCAL BLOG

Monthly Archive for May 2020

Before the pandemic, the U.S. economy was in its longest expansion since World War II and had notably low unemployment. The pandemic and the resulting reductions in social and economic activity, however, have altered that trajectory.

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So far, federal measures to support small businesses have amounted to $760 billion.

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During the week that ended on May 16, 2.4 million people filed for unemployment insurance. That capped off a nine-week period during which a total of 39 million individuals filed a claim.

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COVID-19 has spread to nearly every country in the world, and to help reduce the health risk and save lives, many countries have imposed limitations on business activity, congregating, and traveling.

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U. S. defense spending increased substantially from 2018 to 2019 relative to other countries.

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The outbreak of COVID-19 has become both a public health and an economic crisis. In particular, the closure of many businesses has resulted in an unprecedented surge in unemployment claims in the United States.

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The IRS has issued about 130 million direct payments to Americans — totaling more than $200 billion — to help mitigate the financial burden of the COVID-19 pandemic.

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A large decrease in revenues and a large increase in spending have led the Congressional Budget Office to estimate a deficit of $737 billion in April 2020.

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In response to the COVID-19 pandemic, elected leaders have asked the American people to stay at home and have forced businesses to close to mitigate the spread of the virus.

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The federal government has enacted four pieces of legislation that provide important relief to individuals and corporations that have been impacted by the COVID-19 pandemic.

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The Fiscal Response to the Coronavirus

Here’s everything Congress has done to respond to the coronavirus so far.

National Debt Clock

See the latest numbers and learn more about the causes of our high and rising debt.