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Donald Trump has big plans for the economy — and a big debt problem that will be a hurdle to delivering on them. Trump has bold ideas on tax cuts, tariffs and other programs, but high interest ...
Due to the COVID-19 pandemic, Congress and President Trump enacted the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES) on March 18, 2020. The Congressional Budget Office estimated that the budget deficit for fiscal year 2020 would increase to $3.3 trillion or 16% GDP, more than triple that of 2019 and the largest ...
The Coronavirus Aid, Relief, and Economic Security Act, [b] [1] also known as the CARES Act, [2] is a $2.2 trillion economic stimulus bill passed by the 116th U.S. Congress and signed into law by President Donald Trump on March 27, 2020, in response to the economic fallout of the COVID-19 pandemic in the United States.
[132]: 44 After the global financial crisis of 2007-2008, Chinese policymakers and the general public viewed China's holdings of US debt as unwisely overexposing China to volatility. [320]: 61–62 China remains a major holder of United States treasury securities, although the amount has decreased as of at least 2022. [321]
Even after the agreement, the average U.S. tariff on China imports remained at about 19.3%, more than six times its level of 3% before Trump launched the tariff war.
The CBO estimated in a report issued Wednesday that the extension of parts of Trump’s tax cuts set to expire after 2025 would add another $4.6 trillion to the national debt through the year 2034.
President Trump declares the COVID-19 pandemic a national emergency: Saturday, March 14: President Trump and members of COVID-19 task force hold a news conference (March 14, 2020) Sunday, March 15: Due to the COVID-19 pandemic, the Federal Reserve cuts interest rates to zero and releases $700 billion in quantitative easing. [132] [133]
The Common Framework was set up by the G-20 in late 2020 during the COVID-19 pandemic as an initiative to expedite and simplify the process of getting indebted countries back onto their feet.