The June deficit brought the year-to-date fiscal deficit to $2.7 trillion, far eclipsing the previous full-year record of $1.4 trillion in 2009.Outlays were up 223% to $1.1 trillion, a record increase for any month. The bulk of the June’s jump in outlays was $511 billion for the government’s Paycheck Protection Program, set up in April and designed to keep small businesses afloat by funding loans that are forgivable if certain criteria are met.
A senior Treasury official told reporters that under U.S. government accounting rules, the funds were recorded as spent in June even though Treasury has not yet paid out for forgiveness of those loans and not all may be forgiven. June receipts fell 28% to $241 billion, a reflection of job losses due to the coronavirus pandemic but also this year’s extension of the tax filing deadline to July from April.
We are testing MMT real time right now. With both D and Rs approval. What can go wrong.
Sigh!....... make America... great... ... again...
And the Dow continues to rise
Another failed business
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US budget deficit hits all-time high of $864 billion in JuneThe U.S. government ran an $864 billion deficit in June, the biggest monthly figure in history, fueled by spending on programs to combat the coronavirus recession and millions of job losses that cut into tax revenues. Damn we’re broke af Where’s the outrage from Tea Party Republicans on this? Did they lose interest in this?
Source: AP - 🏆 728. / 51 Read more »
Coronavirus Spending Pushes U.S. Budget Deficit Past $3 Trillion for 12 Months Through JuneThe U.S. budget deficit surpassed $3 trillion in the 12 months through June as stimulus spending soared and tax revenue plunged, putting the federal government on pace to register the largest annual deficit as a share of the economy since World War II. 10% tax on the richest 100 and gap will close a bit Wealth Tax on Robert Mercer!!! mockBotv1
Source: WSJ - 🏆 98. / 63 Read more »
China reports 141 dead or missing in flooding since JuneThe Yangtze River region has seen its second highest rainfall in more than a half-century so far this year as deadly flooding strikes much of China TrumpVirus Trump is trying to KILL US! Please retweet and follow us. Karma Who knows what the real number is, that the Chinese government is hiding as usual...
Source: ABC - 🏆 471. / 51 Read more »
China's export slump to ease in June as economies reopen, imports fall less: Reuters pollThe slump in China's exports likely eased in June as some countries reopened their economies, while imports contracted less sharply on higher crude oil and commodities purchases, a Reuters poll showed on Monday. June? 🤔 July will be a different story. Resurgence of coronavirus in Beijing & other areas. Heavy rains causing floodings, releasing dam water destroying homes, lives, businesses, agriculture & food. With millions at risk. Earthquakes, locusts & sanitary related diseases thriving..
Source: Reuters - 🏆 2. / 97 Read more »
Wholesale prices drop in June, U.S. inflation very low due to the coronavirus pandemicInflation remains very low in the U.S. due to the coronavirus pandemic. Even with the Federal Reserve pumping huge sums of money into the economy, inflation is likely to remain low until the crisis is over. Well we know that is a lie. Look at asset prices. The price of sanitizer has gone up. Those little $1 bottles are $4 now but I guess everything else is staying the same.
Source: MarketWatch - 🏆 3. / 97 Read more »
Homebuilders just saw the strongest June sales since the last housing boom, as pandemic pushes more buyers to the suburbsA sharp decline in the supply of existing homes for sale, increasing consumer preference for brand-new, high-tech homes with all the amenities for working and schooling, as well as an accelerating flight to the suburbs and exurbs, made for remarkable housing demand in June. Quite possibly sponsored by discounted selloffs to stave off bankruptcy!
Source: CNBC - 🏆 12. / 72 Read more »