Mnuchin urges quick action on new pandemic aid package
Treasury Secretary Steven Mnuchin urged Congress to pass a targeted pandemic relief bill by month’s end to aid hardest-hit sectors as unemployment remains high and federal enhanced benefits near July 31 expiration. He cited aid for small businesses, restaurants, hotels, and other travel sectors, with emphasis on jobs and state and local government support.
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Washington
Treasury
Steven Mnuchin
Congress
Sun Belt
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Donald Trump
Federal Reserve
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Janet Yellen
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GOP liability shield fuels Senate fight over virus lawsuits
Senate Republicans draft a plan to shield businesses schools and universities from coronavirus related lawsuits by shifting cases to federal court and limiting liability to gross negligence or intentional misconduct. Supporters praise protection for good faith compliance while opponents fear less accountability as Congress negotiates a new relief package.
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Washington
Senate
Congress
Mitch McConnell
John Cornyn
Texas
Associated Press
Cornyn
GOP
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IMF foresees U S economy shrinking 6.6 percent this year
The IMF warns of a 6.6 percent 2020 contraction for the United States amid coronavirus lockdowns, an upgrade from a prior 8 percent forecast. Downside risks include rising COVID-19 cases, with a 11.1 percent unemployment rate in June and 7.4 percent projected to year end 2021. The IMF also sees a 3.9 percent rebound next year.
MENTIONED IN THIS ARTICLE
Washington
International Monetary Fund
U.S
IMF
South
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Wall Street closes third straight weekly gain amid virus uncertainty
U.S. stocks rose for a third consecutive week as traders weighed data showing housing strength against soft consumer sentiment and ongoing virus concerns. The S&P 500 climbed 0.3 percent to 3224.73, the Dow slipped 0.2 percent to 26671.95, and the Nasdaq added 0.3 percent to 10503.19 as BlackRock and J B Hunt posted gains and Netflix fell 6.5 percent.
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