Deflation Threat Looms From Virus Driven Slump
The coronavirus shutdown pushed April consumer prices down 0.8 percent, the steepest month to month fall since 2008, with core prices slipping 0.4 percent. Deflation could deepen the recession as spending stalls, wages stall, and borrowing costs rise, experts warn while the Fed deploys rate cuts and bond purchases to steady credit.
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Washington
U.S
United States
Gus Faucher
PNC Financial Services
Federal Reserve
Fed
Treasury
Supreme Court signals likely rejection of Trump immunity claim
The Supreme Court appeared poised to deny President Trump immunity from criminal investigations while in office, as justices weighed congressional subpoenas for records from Deutsche Bank Capital One and Mazars USA. Justices debated balancing inquiry access with preserving the presidency, with decisions expected by early summer.
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Washington
Supreme Court
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Congress
Manhattan
Trump
Elon Musk
Tesla
California
China
Samuel Alito
Douglas
House of Representatives
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Cyrus Vance Jr
Jay Sekulow
Ruth Bader Ginsburg
Richard Nixon
White House
Watergate
Bill Clinton
Nixon
Clinton
High Court
Neil Gorsuch
Brett Kavanaugh
Law Review
Kavanaugh
House
New York
Deutsche Bank
Capital One
Mazars USA
Mazars
Vance
Budget deficit surges as April tax date pushed to July
Government actions to cushion coronavirus fallout widen the deficit to an estimated 3.7 trillion for the year, surpassing 2009’s 1.4 trillion record. For seven months, receipts fell 9.7 percent to 1.85 trillion while outlays rose 29.3 percent to 3.33 trillion, creating a 1.48 trillion shortfall.
MENTIONED IN THIS ARTICLE
Congressional Budget Office
Gov
McConnell Calls for Middle Ground on Reopening Plans
As states weigh reopening health risks, McConnell urged finding a middle ground between lockdown and normalcy. Senate Republicans rebuff House proposals, with Barrasso asserting Pelosi's plan will not pass. Capitol in partial reopen. Democrats join by phone as masks are common and some staff test positive. Senate members distance, with several in isolation after exposure.
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McConnell
Nancy Pelosi
Senate
Sen
John Barrasso
Wyoming
Capitol
House
Trump
Senate Republican Conference
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