The Treasury Department reported Friday that the deficit from October, the start of the government's budget year, through March was $52.5 billion higher than the same period a year ago.
IMF Managing Director Kristalina Georgieva said Thursday that the world's poorest countries will be hardest hit.
IMF Managing Director Kristalina Georgieva said the 189-nation lending agency was forecasting a recovery in 2021. But she said this would only occur if nations succeed in containing the coronavirus and limiting the economic damage.
Treasury Secretary Steven Mnuchin has announced that the deadline for filing U.S. income taxes has been moved from April 15 to July 15.
The Trump administration has announced that most individuals and businesses will be allowed to delay paying their federal tax bills for 90 days as part of an emergency relief plan amid the coronavirus pandemic.
Mnuchin says a payment delay would have the effect of putting more than $200 billion back into the economy.
The economy grew at the end of last year, but damage from the spreading novel coronavirus is likely depressing growth in the current quarter and for 2020 as a whole.
The U.S. budget deficit through the first four months of this budget year is up 19% from the same period a year ago.
Powell said the Fed is monitoring developments stemming from the coronavirus, which he said "could lead to disruptions in China that spill over to the rest of the global economy."…
Faced with financing budget deficits topping $1 trillion annually, the Treasury is introducing a new 20-year bond.
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