Federal budget deficit to hit record $3.3 trillion
The Congressional Budget Office projects a federal budget deficit of 3.3 trillion dollars, with spending tied to four Coronavirus relief measures and a total of 6.6 trillion in government outlays. Debt would approach 100 percent of GDP in 2021, a postwar peak, fueling partisan fights over a fifth relief package.
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Markets surge as Dow logs 454 point gain on hopes for relief
Stocks rallied with the Dow up 454.84 points to 29,100.50 and the S&P 500 at 3580.84 as health care, technology, and communications led gains. The Nasdaq rose 116.78, while investors eyed a potential coronavirus relief package and a vaccine, boosting risk appetite amid steady yields. Ford outlined a VIP early retirement program for 1,400 salaried workers, with details to come on Sept. 8, and ADP data signaled a gradual job rebound ahead of Friday’s payroll report.
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