Despite concerns that markets will be flooded with new U.S. government debt, the Treasury might not have to change its borrowing plans much at all.Former Treasury Secretary Steven Mnuchin built a robust rainy-day fund last year, unsure of how and when Congress might mandate further relief measures.Republicans are bashing the new $1.9 trillion pandemic relief package for further ballooning the federal debt, but it’s the Trump administration that greased the path for a smooth federal spending spree.The Treasury has a cash pile of well over $1 trillion, which will allow the government to...…Despite concerns that markets will be flooded with new U.S. government debt, the Treasury might not have to change its borrowing plans much at all.Former Treasury Secretary Steven Mnuchin built a robust rainy-day fund last year, unsure of how and when Congress might mandate further relief measures.Republicans are bashing the new $1.9 trillion pandemic relief package for further ballooning the federal debt, but it’s the Trump administration that greased the path for a smooth federal spending spree.The Treasury has a cash pile of well over $1 trillion, which will allow the government to...WW…

The frenzy surrounding the trading of GameStop stock is triggering Washington’s most intense scrutiny of Wall Street in more than a decade.Reddit's users have said they wanted to punish hedge funds that were betting on further declines in GameStop and other struggling companies. As the stock rose, the short sellers suffered. | Spencer Platt/Getty ImagesThe frenzy surrounding the trading of GameStop stock is triggering Washington’s most intense scrutiny of Wall Street in more than a decade, teeing up hearings and investigations that threaten brokers and hedge funds at the center of the...…The frenzy surrounding the trading of GameStop stock is triggering Washington’s most intense scrutiny of Wall Street in more than a decade.Reddit's users have said they wanted to punish hedge funds that were betting on further declines in GameStop and other struggling companies. As the stock rose, the short sellers suffered. | Spencer Platt/Getty ImagesThe frenzy surrounding the trading of GameStop stock is triggering Washington’s most intense scrutiny of Wall Street in more than a decade, teeing up hearings and investigations that threaten brokers and hedge funds at the center of the...WW…

Biden added that the appointees have “broad viewpoints on how to build a stronger and more inclusive middle class.”Bharat Ramamurti, a member of the Covid-19 Congressional Oversight Commission, questions Treasury Secretary Steven Mnuchin during a hearing. | Sarah Silbiger/AP PhotoPresident-elect Joe Biden on Monday announced more members of his White House economic policy team, bolstering its progressive credentials alongside National Economic Council Director Brian Deese.David Kamin, who worked as a senior budget official under President Barack Obama, will be deputy NEC director, and...…Biden added that the appointees have “broad viewpoints on how to build a stronger and more inclusive middle class.”Bharat Ramamurti, a member of the Covid-19 Congressional Oversight Commission, questions Treasury Secretary Steven Mnuchin during a hearing. | Sarah Silbiger/AP PhotoPresident-elect Joe Biden on Monday announced more members of his White House economic policy team, bolstering its progressive credentials alongside National Economic Council Director Brian Deese.David Kamin, who worked as a senior budget official under President Barack Obama, will be deputy NEC director, and...WW…

Sen. Pat Toomey said he was “hoping and expecting” that the language would be included in a final agreement.Sen. Pat Toomey (R-Pa.) leaves the Senate chamber. | Photo by Drew Angerer/Getty ImagesSen. Pat Toomey is leading a Republican push to curtail the Federal Reserve’s emergency lending authority in the economic relief deal taking shape, a move that would seal off major avenues of future aid without congressional action.The language would prevent Treasury Secretary-designate Janet Yellen from restarting Fed lending programs for small and midsized businesses, as well as for state and...…Sen. Pat Toomey said he was “hoping and expecting” that the language would be included in a final agreement.Sen. Pat Toomey (R-Pa.) leaves the Senate chamber. | Photo by Drew Angerer/Getty ImagesSen. Pat Toomey is leading a Republican push to curtail the Federal Reserve’s emergency lending authority in the economic relief deal taking shape, a move that would seal off major avenues of future aid without congressional action.The language would prevent Treasury Secretary-designate Janet Yellen from restarting Fed lending programs for small and midsized businesses, as well as for state and...WW…

As the economic recovery is already beginning to stall, Brian Deese's record is coming under new scrutiny from progressives.Brian Deese irked progressives by helping to push landmark 2012 legislation rolling back financial regulations that was billed as good for economic growth. | AP Photo/Carolyn KasterJoe Biden’s first order of business as president will be convincing Congress to approve massive new government spending to pull the country out of an economic crisis. But the man he has put in charge of his economic policy was on the side of deficit hawks during the last recovery, which is...…As the economic recovery is already beginning to stall, Brian Deese's record is coming under new scrutiny from progressives.Brian Deese irked progressives by helping to push landmark 2012 legislation rolling back financial regulations that was billed as good for economic growth. | AP Photo/Carolyn KasterJoe Biden’s first order of business as president will be convincing Congress to approve massive new government spending to pull the country out of an economic crisis. But the man he has put in charge of his economic policy was on the side of deficit hawks during the last recovery, which is...WW…

“The risk of overdoing it is less than the risk of underdoing it,” said Federal Reserve Chair Jerome Powell.Federal Reserve Chairman Jerome Powell listens during a Senate Banking Committee hearing about the quarterly CARES Act report on Capitol Hill. | Susan Walsh-Pool/Getty ImagesFederal Reserve Chair Jerome Powell on Tuesday warned Congress against being too cautious in providing more relief to the economy, saying the country has suffered during past recessions because policymakers failed to do enough.Powell, speaking at a Senate Banking Committee hearing alongside Treasury Secretary...…“The risk of overdoing it is less than the risk of underdoing it,” said Federal Reserve Chair Jerome Powell.Federal Reserve Chairman Jerome Powell listens during a Senate Banking Committee hearing about the quarterly CARES Act report on Capitol Hill. | Susan Walsh-Pool/Getty ImagesFederal Reserve Chair Jerome Powell on Tuesday warned Congress against being too cautious in providing more relief to the economy, saying the country has suffered during past recessions because policymakers failed to do enough.Powell, speaking at a Senate Banking Committee hearing alongside Treasury Secretary...WW…

The most direct way the Fed could increase its aid to the economy is through two temporary lending programs.President-elect Joe Biden speaks in Wilmington, Del. | Joe Raedle/Getty ImagesJoe Biden is entering the White House with big hopes of juicing the economy with new spending and a Federal Reserve ready to unleash its arsenal of lending programs to prevent the country from slipping back into a recession.He might get none of it.A rare public spat between the Trump administration and the Fed last week exposed the stark reality of the economic policy ammunition Biden will inherit: a stick...…The most direct way the Fed could increase its aid to the economy is through two temporary lending programs.President-elect Joe Biden speaks in Wilmington, Del. | Joe Raedle/Getty ImagesJoe Biden is entering the White House with big hopes of juicing the economy with new spending and a Federal Reserve ready to unleash its arsenal of lending programs to prevent the country from slipping back into a recession.He might get none of it.A rare public spat between the Trump administration and the Fed last week exposed the stark reality of the economic policy ammunition Biden will inherit: a stick...WW…

The Treasury secretary said the programs are no longer needed.“While portions of the economy are still severely impacted and in need of additional fiscal support, financial conditions have responded and the use of these facilities has been limited,” Treasury Secretary Stephen Mnuchin said. | J. Scott Applewhite/AP PhotoTreasury Secretary Steven Mnuchin on Thursday asked the Federal Reserve to return all unused coronavirus relief funds set aside for its emergency lending programs by the end of the year, taking away a lifeline even as a resurgence in Covid cases threatens to upend the budding...…The Treasury secretary said the programs are no longer needed.“While portions of the economy are still severely impacted and in need of additional fiscal support, financial conditions have responded and the use of these facilities has been limited,” Treasury Secretary Stephen Mnuchin said. | J. Scott Applewhite/AP PhotoTreasury Secretary Steven Mnuchin on Thursday asked the Federal Reserve to return all unused coronavirus relief funds set aside for its emergency lending programs by the end of the year, taking away a lifeline even as a resurgence in Covid cases threatens to upend the budding...WW…

Amid the chaos, experts say a few states stand out in their approaches to public health, mass unemployment and school reopening.A three dimensional map of the United States, highlighting which states did the best in their response to Covid-19. | Illustration by Tucker Doherty, with map geometry by Bharadwaj BalrajVermont locked itself down early and reopened gradually. Washington state paid workers who couldn’t do their jobs while quarantined. And Louisiana zeroed in on students who were most at-risk of falling behind and prioritized help for them first.When President Donald Trump decided...…Amid the chaos, experts say a few states stand out in their approaches to public health, mass unemployment and school reopening.A three dimensional map of the United States, highlighting which states did the best in their response to Covid-19. | Illustration by Tucker Doherty, with map geometry by Bharadwaj BalrajVermont locked itself down early and reopened gradually. Washington state paid workers who couldn’t do their jobs while quarantined. And Louisiana zeroed in on students who were most at-risk of falling behind and prioritized help for them first.When President Donald Trump decided...WW…