White House ‘Very Seriously Considering’ Throwing Weight Behind Another Stimulus Package
But lawmakers still need to negotiate on what exactly that legislation would include. Right now, there's a wide divide between the parties. Meanwhile, the July 31 deadline for extra aid for unemployed Americans is looming. In other news on the economic toll of the virus: mortgages, the markets and college loan relief.
The Wall Street Journal:
Steven Mnuchin Says White House Considering Second Round Of Stimulus Payments
The Trump administration is weighing getting behind a second round of stimulus payments for Americans as part of an economic-relief package Congress is likely to consider next month, Treasury Secretary Steven Mnuchin said Thursday. Mr. Mnuchin said he had discussed with President Trump the idea of additional stimulus payments, though no decision had been made yet on whether to advocate for them in the next bill. “It’s something that we’re very seriously considering,” he told reporters during an online question-and-answer session Thursday. (Davidson and Rubin, 6/11)
The Wall Street Journal:
Congress Confronts Summer Deadlines For Stimulus Spending Decisions
With the Federal Reserve pledging to do whatever it can to pull the U.S. out of a recession, it is now up to Congress to decide how much more of a spending boost the economy needs, and what form it should take. Important deadlines are looming. Millions of jobless Americans will see their extra unemployment benefits disappear at the end of July unless Congress extends them. Deferred tax payments are due July 15. And many state and local governments must complete annual budgets by June 30. They are counting on more federal aid to close gaping deficits that have forced them to cut spending and lay off workers. (Davidson and Timiraos, 6/11)
Politico:
Black Community Braces For Next Threat: Mass Evictions
A new tremor is threatening to shake minority communities as protests over racial injustice sweep the country: A wave of evictions as a federal moratorium on kicking people out of their rental units expires. The ban on evictions — which applies to rentals that are backed by the government — expires in a matter of weeks. On top of that, the federal boost to unemployment benefits that many laid-off workers have used to pay their rent is set to end July 31. (O'Donnell, 6/12)
ABC News:
American Cancer Society Eliminates 1,000 Jobs Amid COVID-19 Pandemic
The largest nongovernmental supporter of cancer research in the United States is facing major financial hardship during the ongoing novel coronavirus pandemic. As a result, the American Cancer Society announced the layoffs of 1,000 employees Thursday in an effort to shrink its overall budget, according to a statement. (Fuerte, 6/11)
NBC News:
Dow Plunges Nearly 7 Percent On Concerns Of Coronavirus Resurgence
U.S. stocks dropped sharply on Thursday as investors weighed sobering economic forecasts and new data, along with indications that the COVID-19 pandemic is far from subsiding. The Dow Jones Industrial Average closed down 1,861 points, or 6.9 percent, and the S&P 500 was down 5.9 percent, the biggest fall since March 16. Just a day before, the Nasdaq Composite hit an intraday high. (Gura, 6/11)
ABC News:
Dow Plunges Nearly 7% On COVID-19 Fears, Economic Forecasts
The Dow Jones Industrial Average plummeted more than 1,860 points, or 6.9%, on Thursday as investors seemed concerned about new spikes in COVID-19 cases and on the heels of two gloomy economic forecasts. Meanwhile, the S&P 500 closed down 5.9% and the Nasdaq tumbled 5.3%.Thursday marked the worst day for U.S. financial markets since March 16, when the impact of the coronavirus pandemic first began to hit Wall Street. (Thorbecke, 6/11)
The Hill:
DeVos Issues Rule Barring Colleges From Granting Coronavirus Relief Funds To DACA Recipients
Education Secretary Betsy DeVos issued a rule Thursday that would ban colleges from granting coronavirus relief funds to noncitizens, including those protected under the Deferred Action for Childhood Arrival (DACA) program. The rule finalizes the Education Department’s (DOE) interpretation of a provision in the $2.2 trillion CARES Act that Congress passed in March which allocated $12.6 billion to colleges to fund emergency grants for students affected by campus closures. (Moreno, 6/11)
