BREAKING NEWS BRIEF
The U.S. deficit over the past six months swelled to $1.7 trillion, according to the latest monthly Treasury report. In March alone, the United States spent nearly $660 billion more than it took in, as the United States continues to provide financial support to American workers and businesses while the country digs out of the financial crisis caused by the coronavirus pandemic.
Included in the latest monthly report was part of the latest round of $1,400 stimulus payments. The Treasury Department and Internal Revenue Service have delivered more than 156 million payments, totaling approximately $372 billion, which helped contribute to the deficit, with roughly $335 billion going out in March alone.
On Sunday, Federal Reserve Chairman Jerome Powell told “60 Minutes” the growth the United States is expecting in the second half of the year is going to be very strong. When asked about what he thought would happen if the COVID relief bills had never passed, Powell said he would hate even to think, stating Congress in effect replaced people’s incomes and kept them in their homes. He called what happened in the CARES Act “heroic.”
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