The Social Security Board of Trustees has been warning for years that the program faces funding shortfalls. In April, they released their annual report on the trust funds that finance the program.
In May, the federal government spent $8.6 billion on SNAP — a 62 percent increase from the amount spent just two months before.
Properly addressing the nation’s aging infrastructure requires action not only at the federal level, but also at the state and local levels, where most infrastructure spending is carried out.
As of June 9, 2020, the Treasury has disbursed about $18 billion of the total $32 billion allocated to the program.
As of June 9, 2020, the Treasury has disbursed roughly $147 billion, or about 98 percent, of the total $150 billion allocated in the Coronavirus Relief Fund.
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.
The economic disruption caused by the coronavirus pandemic and the federal government’s response to it has widened the gap between federal outlays and revenues.
America’s economic rebound from the coronavirus pandemic seems to have begun, depending on location, according to Phillip Swagel, the director of the nonpartisan Congressional Budget Office.
The Internal Revenue Service (IRS) had issued 159 million direct payments to Americans — totaling nearly $267 billion — to help mitigate the financial burden of the COVID-19 pandemic.
Federal spending on Medicaid increased noticeably in April. The government spent 31 percent more last month than it did in March, and that one-month growth is the largest since the Great Recession.