'Monthly U.S. Budget Deficit Soared to Record $864 Billion in June' diff viewer (3/4)

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Monthly U.S. Budget Deficit Soared to Record $864 Billion in June	Monthly U.S. Budget Deficit Soared to Record $864 Billion in June
2020-07-15 07:04:27 UTC	2020-07-15 17:40:22 UTC (about 11 hours later)
WASHINGTON — The United States budget deficit grew to a record $864 billion for June as the federal government pumped huge sums of money into the economy to prop up workers and businesses affected by the coronavirus, the Treasury Department said on Monday, an amount that is expected to grow as a surge in cases portends prolonged economic pain.	WASHINGTON — The United States budget deficit grew to a record $864 billion for June as the federal government pumped huge sums of money into the economy to prop up workers and businesses affected by the coronavirus, the Treasury Department said on Monday, an amount that is expected to grow as a surge in cases portends prolonged economic pain.
The budget deficit, which had already reached almost $1 trillion in 2019, ballooned to nearly $3 trillion in the first nine months of the 2020 fiscal year and is expected to keep growing. The federal government, which has been shoveling cash out the door to fund unemployment benefits, small-business loans and direct financial support to families, is on pace to borrow more money, as a share of the economy, than it has at any time since World War II.	The budget deficit, which had already reached almost $1 trillion in 2019, ballooned to nearly $3 trillion in the first nine months of the 2020 fiscal year and is expected to keep growing. The federal government, which has been shoveling cash out the door to fund unemployment benefits, small-business loans and direct financial support to families, is on pace to borrow more money, as a share of the economy, than it has at any time since World War II.
The increases are the direct result of the economy’s swift collapse amid the pandemic and Congress’s efforts to weave a safety net to save people and businesses from financial ruin. Lawmakers have spent nearly $3 trillion thus far, and they could be poised to spend more by month’s end to prevent a sudden wave of layoffs, foreclosures and other rippling economic pain as temporary emergency support approved by Congress expires while the economy is still reeling from the virus.	The increases are the direct result of the economy’s swift collapse amid the pandemic and Congress’s efforts to weave a safety net to save people and businesses from financial ruin. Lawmakers have spent nearly $3 trillion thus far, and they could be poised to spend more by month’s end to prevent a sudden wave of layoffs, foreclosures and other rippling economic pain as temporary emergency support approved by Congress expires while the economy is still reeling from the virus.
Real-time indicators suggest that an initial rebound from the trough of the recession, including job gains in May and June, has reversed in recent weeks, as the virus spread quickly across the South and Southwest.	Real-time indicators suggest that an initial rebound from the trough of the recession, including job gains in May and June, has reversed in recent weeks, as the virus spread quickly across the South and Southwest.
While many lawmakers have expressed concerns about the deficit, Democrats and some Republicans on Capitol Hill have called for additional stimulus measures, which would potentially add trillions more to the gap between what the United States spends and takes in.	While many lawmakers have expressed concerns about the deficit, Democrats and some Republicans on Capitol Hill have called for additional stimulus measures, which would potentially add trillions more to the gap between what the United States spends and takes in.
“We should not be taking our foot off the gas here,” said Senator Michael Bennet, Democrat of Colorado, who has introduced legislation that would automatically continue to supply aid to people and businesses until economic conditions improve. “We have to bridge the American people across the threshold, to a point where people feel more certain about public health.”	“We should not be taking our foot off the gas here,” said Senator Michael Bennet, Democrat of Colorado, who has introduced legislation that would automatically continue to supply aid to people and businesses until economic conditions improve. “We have to bridge the American people across the threshold, to a point where people feel more certain about public health.”
Conservative economists have in the past warned that excess borrowing risked slowing economic growth by pushing up borrowing costs for businesses and sending consumer prices soaring.	Conservative economists have in the past warned that excess borrowing risked slowing economic growth by pushing up borrowing costs for businesses and sending consumer prices soaring.
But many of those economists, including Michael R. Strain of the American Enterprise Institute and R. Glenn Hubbard of Columbia University, have said additional spending is needed in the face of the coronavirus. Economists who had been pushing lawmakers to wind down spending on generous unemployment benefits now say recent economic data suggests that larger deficits will be needed moving ahead — including spending on another round of direct payments to individuals, which could help families bridge the gap as the virus hampers business activity.	But many of those economists, including Michael R. Strain of the American Enterprise Institute and R. Glenn Hubbard of Columbia University, have said additional spending is needed in the face of the coronavirus. Economists who had been pushing lawmakers to wind down spending on generous unemployment benefits now say recent economic data suggests that larger deficits will be needed moving ahead — including spending on another round of direct payments to individuals, which could help families bridge the gap as the virus hampers business activity.
“To the extent people can get on board with it,” said Karl Smith, vice president of federal policy at the conservative Tax Foundation in Washington, “another check would be good.”	“To the extent people can get on board with it,” said Karl Smith, vice president of federal policy at the conservative Tax Foundation in Washington, “another check would be good.”
President Trump, who promised to balance the budget within two terms, has shown little appetite for cutting spending and has yet to promote the “fiscal conservative” message that has defined the Republican Party for years.	President Trump, who promised to balance the budget within two terms, has shown little appetite for cutting spending and has yet to promote the “fiscal conservative” message that has defined the Republican Party for years.
Instead, Mr. Trump invested heavily in revamping the military and, with the support of only Republican lawmakers, pushed for a $1.5 trillion tax cut, which came nowhere close to producing the revenue to pay for itself, as the administration had promised.	Instead, Mr. Trump invested heavily in revamping the military and, with the support of only Republican lawmakers, pushed for a $1.5 trillion tax cut, which came nowhere close to producing the revenue to pay for itself, as the administration had promised.
Treasury Secretary Steven Mnuchin has also downplayed deficit worries, arguing that borrowing costs remain low and that the government must spend whatever is necessary to endure the economic disruption caused by the pandemic. He has said the deficit is a long-term concern that should be addressed by spending cuts and policies that spur economic growth.	Treasury Secretary Steven Mnuchin has also downplayed deficit worries, arguing that borrowing costs remain low and that the government must spend whatever is necessary to endure the economic disruption caused by the pandemic. He has said the deficit is a long-term concern that should be addressed by spending cuts and policies that spur economic growth.
The June deficit was driven largely by government spending on the Paycheck Protection Program, which by the end of the month had approved more than $500 billion in loans to support small businesses. A Treasury official noted that the loans approved through the program had yet to be forgiven, but because of government accounting rules they were required to be listed as an expenditure.	The June deficit was driven largely by government spending on the Paycheck Protection Program, which by the end of the month had approved more than $500 billion in loans to support small businesses. A Treasury official noted that the loans approved through the program had yet to be forgiven, but because of government accounting rules they were required to be listed as an expenditure.
Over all, government outlays topped $1.1 trillion last month, while receipts were down sharply as a result of tax payments that have been deferred until mid-July. And the deficit recorded in June was higher than the entire budget gap for 2018.	Over all, government outlays topped $1.1 trillion last month, while receipts were down sharply as a result of tax payments that have been deferred until mid-July. And the deficit recorded in June was higher than the entire budget gap for 2018.
The swelling deficit, while expected on the heels of big spending packages, could further complicate talks for another rescue effort given Republicans’ recent concerns about the financial tab. Lawmakers are preparing to resume negotiations over another round of fiscal support, which could become even more imperative as the virus surges in many parts of the United States.	The swelling deficit, while expected on the heels of big spending packages, could further complicate talks for another rescue effort given Republicans’ recent concerns about the financial tab. Lawmakers are preparing to resume negotiations over another round of fiscal support, which could become even more imperative as the virus surges in many parts of the United States.
Yet some lawmakers have begun to publicly fret about the huge sums of money going out the door and have already rejected any attempt to extend more generous unemployment benefits, which are set to expire on July 31.	Yet some lawmakers have begun to publicly fret about the huge sums of money going out the door and have already rejected any attempt to extend more generous unemployment benefits, which are set to expire on July 31.
“We can’t borrow enough money to solve the problem indefinitely,” Senator Mitch McConnell of Kentucky, the majority leader, said in April.	“We can’t borrow enough money to solve the problem indefinitely,” Senator Mitch McConnell of Kentucky, the majority leader, said in April.
The June deficit blew away the previous monthly record of $738 billion, which was set in April. The shortfall was nearly as large as the $984 billion that the U.S. accumulated for the entire year in 2019 and far larger than last June, when the budget deficit came in at a relatively paltry $8 billion.	The June deficit blew away the previous monthly record of $738 billion, which was set in April. The shortfall was nearly as large as the $984 billion that the U.S. accumulated for the entire year in 2019 and far larger than last June, when the budget deficit came in at a relatively paltry $8 billion.
For the fiscal year to date, the government is generating red ink at a record clip. So far in fiscal 2020, the deficit is $2.74 trillion, a 267 percent increase from the same period in 2019.	For the fiscal year to date, the government is generating red ink at a record clip. So far in fiscal 2020, the deficit is $2.74 trillion, a 267 percent increase from the same period in 2019.
The figures underscore the deep fiscal hole facing the United States as it tries to counteract a pandemic that has thrown millions of people out of work and shuttered businesses across the country.	The figures underscore the deep fiscal hole facing the United States as it tries to counteract a pandemic that has thrown millions of people out of work and shuttered businesses across the country.
~~Updated July 7, 2020~~	Updated July 15, 2020
The coronavirus can stay aloft for hours in tiny droplets in stagnant air, infecting people as they inhale, mounting scientific evidence suggests. This risk is highest in crowded indoor spaces with poor ventilation, and may help explain super-spreading events reported in meatpacking plants, churches and restaurants. It’s unclear how often the virus is spread via these tiny droplets, or aerosols, compared with larger droplets that are expelled when a sick person coughs or sneezes, or transmitted through contact with contaminated surfaces, said Linsey Marr, an aerosol expert at Virginia Tech. Aerosols are released even when a person without symptoms exhales, talks or sings, according to Dr. Marr and more than 200 other experts, who have outlined the evidence in an open letter to the World Health Organization.	The coronavirus can stay aloft for hours in tiny droplets in stagnant air, infecting people as they inhale, mounting scientific evidence suggests. This risk is highest in crowded indoor spaces with poor ventilation, and may help explain super-spreading events reported in meatpacking plants, churches and restaurants. It’s unclear how often the virus is spread via these tiny droplets, or aerosols, compared with larger droplets that are expelled when a sick person coughs or sneezes, or transmitted through contact with contaminated surfaces, said Linsey Marr, an aerosol expert at Virginia Tech. Aerosols are released even when a person without symptoms exhales, talks or sings, according to Dr. Marr and more than 200 other experts, who have outlined the evidence in an open letter to the World Health Organization.
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.	Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
Scientists around the country have tried to identify everyday materials that do a good job of filtering microscopic particles. In recent tests, HEPA furnace filters scored high, as did vacuum cleaner bags, fabric similar to flannel pajamas and those of 600-count pillowcases. Other materials tested included layered coffee filters and scarves and bandannas. These scored lower, but still captured a small percentage of particles.	Scientists around the country have tried to identify everyday materials that do a good job of filtering microscopic particles. In recent tests, HEPA furnace filters scored high, as did vacuum cleaner bags, fabric similar to flannel pajamas and those of 600-count pillowcases. Other materials tested included layered coffee filters and scarves and bandannas. These scored lower, but still captured a small percentage of particles.
A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico.	A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico.
The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth.	The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth.
The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.	The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.
So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.	So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.
Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.	Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.
A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.	A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.
If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)	If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)
If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.	If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.
In addition to small-business loans, the U.S. has sent more than $267 billion in direct payments to households as of early June. Additional funds have gone to help airlines, local governments and other entities.	In addition to small-business loans, the U.S. has sent more than $267 billion in direct payments to households as of early June. Additional funds have gone to help airlines, local governments and other entities.
House Democrats passed an additional $3 trillion relief package in May that would send money to struggling state and local governments and direct more stimulus payments to taxpayers. That bill was a nonstarter with most Republicans, who recoiled at its high cost and never brought it up for a vote in the Senate.	House Democrats passed an additional $3 trillion relief package in May that would send money to struggling state and local governments and direct more stimulus payments to taxpayers. That bill was a nonstarter with most Republicans, who recoiled at its high cost and never brought it up for a vote in the Senate.
Now, attention is turning to a plan that could win support from both parties, as well as the White House.	Now, attention is turning to a plan that could win support from both parties, as well as the White House.
The next bill could cost $1 trillion to $3 trillion. Trump administration officials have been calling for a payroll tax cut, a capital-gains tax holiday, additional targeted relief to industries that have been hit hardest by the pandemic — such as travel and tourism — and another round of stimulus checks. Republicans have also been discussing liability protections for businesses, incentives for companies to rehire workers and additional aid for schools and medical care providers.	The next bill could cost $1 trillion to $3 trillion. Trump administration officials have been calling for a payroll tax cut, a capital-gains tax holiday, additional targeted relief to industries that have been hit hardest by the pandemic — such as travel and tourism — and another round of stimulus checks. Republicans have also been discussing liability protections for businesses, incentives for companies to rehire workers and additional aid for schools and medical care providers.
But in shying away from piling on more debt, some Republican lawmakers have pointed to monthly job reports indicating that the labor market could be recovering more quickly than some economists expected. The White House has said it wants to see the effects of the earlier stimulus legislation, which has not been fully deployed, before it adds to the tab.	But in shying away from piling on more debt, some Republican lawmakers have pointed to monthly job reports indicating that the labor market could be recovering more quickly than some economists expected. The White House has said it wants to see the effects of the earlier stimulus legislation, which has not been fully deployed, before it adds to the tab.
Larry Kudlow, the director of President Trump’s National Economic Council, said on Monday that despite some recent layoff announcements, he was optimistic that the economy would rebound sharply later this year.	Larry Kudlow, the director of President Trump’s National Economic Council, said on Monday that despite some recent layoff announcements, he was optimistic that the economy would rebound sharply later this year.