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    MASSIVE stimulus checks worth up to $80,000 are being sent out until 2025 for a specific group of people. Homeowners in California can receive coronavirus stimuli checks as the result of the US Treasury Department approving the state’s plan to offer $1billion in mortgage relief grants. 2Homeowners in underserved communities can receive up to $80,000 in mortgage reliefCredit: Getty Governor Gavin Newsom proposed the California Mortgage Relief Program in an effort to help 20,000-40,000 homeowners that are struggling with mortgage payments due to the pandemic. The program’s funding comes from President Joe Biden’s American Rescue Plan’s Homeowner Assistance Fund. The checks will be a one-time grant and would go to socially disadvantaged and underserved communities. The program will help cover the past due housing payments of the recipients. “Our Housing is Key program has already provided renters and landlords with the assistance and resources they need to stay afloat,” said Newson in a statement. “Now, with our California Mortgage Relief Program, we are extending that relief to homeowners,” Those living in California at or below 100 percent of their county’s...
    MASSIVE child tax credit payments worth up to $1,800 will be sent to some parents next year. While the last monthly payment of child tax credit went out on December 15, there is more money coming to taxpayers in 2022. 1Some parents will receive child tax credit payments next yearCredit: Getty This part of the financial provision by Congress in response to the Covid-19 pandemic will be received by tens of millions of Americans. Parents will receive one more payment after filing their 2022 taxes because only half of the money has been distributed via the monthly payments so far. The payments, though based on a 12-month calendar, began in July under the American Rescue Plan as an advance on the 2021 tax credit. Eligible parents who filed 2019 or 2020 tax returns with the IRS were automatically enrolled for the payments. Parents received only half of their child tax credit money via those payments: $300 per month per child under age 6 and $250 per month per child ages 6-17. Parents who received the monthly advance payments...
    New York (CNN Business)The Federal Reserve isn't ready to take its foot off the stimulus gas pedal but that soon might change.The central bank said that if the economic recovery continues to progress as expected, the Fed "judges that a moderation in the pace of asset purchases may soon be warranted," according to the bank's policy update published Wednesday.When the pandemic started to wreak havoc on the US economy in early 2020, the Fed stepped in, slashing interest rates to near-zero and committing to buying $120 billion worth of Treasury and mortgage-backed securities every month. These purchases will be rolled back soon, it seems, in what is referred to as a 'taper'.Investors have long expected the Fed to clamp down on its monthly stimulus as the recovery was coming along nicely over the summer. But a disappointing August jobs report pushed those expectations back.Wednesday's announcement was thus in line with what investors predicted and the stock market continued its rally after it was published.Read MoreThis is a developing story. It will be updated
    The U.S. economy grew at a disappointing 6.5 percent annual rate second quarter in another sign that government stimulus spending has fallen short of expectations even while inflation has been hotter than anticipated. Thursday’s report from the Commerce Department estimated that the nation’s gross domestic product — its total output of goods and services — failed to accelerate significantly in the April-June quarter from the 6.3 annual growth rate recorded for the first quarter of the year. The first quarter was revised down by a tenth of a percentage point from earlier reports. The quarterly figure was far less than analysts had expected, but the economy was likely held back mainly by supply shortages in goods, components, and labor. According to Econoday, the median forecast was for eight percent growth. Other surveys had penciled in far more growth. The surveys by Bloomberg and the Wall Street Journal had growth at 8.4 percent. Personal consumption, the biggest part of the economy, grew at an annualized rate of 11.8 percent, exceeding forecasts. But business inventories and home building lagged expectations, dragging down the overall...
    MORE than one million Americans have received “plus-up” payments as the IRS released its latest batch of stimulus cash earlier this week. It's estimated that 169million payments have been sent to Americans since Congress approved Joe Biden's American Rescue Plan in March. Read our stimulus checks live blog for the latest updates on Covid-19 relief... 3Over a million Americans received 'plus-up' payments as the IRS released its latest batch of checks earlier this weekCredit: Getty It’s reported that 1.1million plus-up payments worth more than $2.5billion have been distributed to Americans nationwide, according to CBS. The IRS has stated that these supplemental funds are "for people who earlier in March received payments based on their 2019 tax returns but are eligible for a new or larger payment based on their recently processed 2020 tax returns". Americans may receive a plus-up payment if their income dropped last year compared to 2019 or if a dependent has been added to their tax return. It’s reported that more than eight million plus-up payments have been sent in total. Approximately 2.3million stimulus checks were sent out by the...
    AMERICANS have received a welcome boost regarding the prospect of a fourth stimulus check as Joe Biden said he's "happy to hear" ideas for more cash. Monthly checks worth up to $1,400 are being sent out to Americans nationwide but the president remains under constant pressure from Democratic lawmakers to introduce recurring payments. Read our stimulus checks live blog for the latest updates on Covid-19 relief... 4Monthly stimulus checks worth up to $1,400 are being sent out to Americans nationwide but there are calls to increase the amountCredit: Getty It appears that the White House has not completely ruled out introducing another payment in the coming months. Press secretary Jen Psaki said last week: "He’s happy to hear from a range of ideas on what would be most effective and what’s most important to the economy moving forward.” She added that Biden has already proposed plans he believes will be "most effective for the short term." It includes his recent proposals for infrastructure investment and the Americans Families Plan. Over 20 Democrats signed a letter calling for stimulus...
    CHELSEA have entered the race for Juventus star Adrien Rabiot, according to reports. The Frenchman has been a regular for Andrea Pirlo this season. 3Adrien Rabiot could be on his way to Stamford Bridge this summerCredit: Getty But with the Old Lady targeting a rebuild, Rabiot could be sacrificed for some fresh blood. According to Tutto Mercato, Chelsea could set up an unlikely reunion between the 25-year-old and former Paris Saint-Germain boss Thomas Tuchel. The German, 47, didn't field Rabiot for the entire second half of the 2018-19 season, after the midfielder refused to extend his contract in the French capital. PSG's decision was made over Tuchel's head. But the now-Chelsea manager admitted in February 2019 that he hadn't asked for Rabiot to be reinstated. He said: "I did not ask for Rabiot's reinstatement. "The situation is the same as in November. The club decided to suspend Adrien. "I can understand the club and I accept this decision. The situation has not changed." 3Rabiot played under Thomas Tuchel in 2018Credit: Reuters FREE BETS: GET OVER £2,000 IN SIGN UP OFFERS...
    A HUGE number of struggling Americans on Supplemental Security Income (SSI) and other federal benefits are still waiting to receive their stimulus checks. The Internal Revenue Service has yet to announce a payment date for the Covid-19 relief cash.  1People on Supplemental Security Income (SSI) are desperate for news on when they will receive the checkCredit: Getty The reason for the delay was caused by the Internal Revenue Service (IRS) had asked the Social Security Administration (SSA) to send its payment files two weeks before the checks were signed into law by President Joe Biden on March 11.  But it took until March 25 for the SSA to provide the Internal Revenue Service (IRS) with the paperwork, reports Newsweek. Meanwhile, Covid-hit Americans are desperate for the money and at the very least a date when they would receive them, rather than being told they will arrive shortly. Currently, the Social Security Administration website says: "The IRS has not announced when it will begin paying EIPs [Economic Impact Payments] to Social Security beneficiaries and Supplemental Security Income recipients." Mark Stevens, 65,...
    Biden orders U.S. flags be flown at half-staff in honor of Atlanta victims Family of a man who died from Covid while incarcerated sues California prison system © TOLGA AKMEN/AFP via Getty Images A pedestrian wearing a face mask walks across Westminster bridge in central London on January 8, 2021, as England entered a third lockdown. TOLGA AKMEN/AFP via Getty Images Fitch upgraded its global growth forecast for 2021 to 6.1% from 5.3% on Tuesday. The new estimate would make for the fastest worldwide expansion since at least 1980. US growth will reach 6.2% as vaccination and new stimulus boosts the nation's recovery, Fitch said. See more stories on Insider's business page. The world economy is set to thrive through 2021 as vaccinations and a new swath of fiscal support bring countries back to pre-pandemic norms, Fitch economists said. Load Error The team led by Brian Coulton lifted their estimates for economic growth in a Tuesday note, joining several other firms in preparing for a strong recovery. Global gross domestic product is now expected to grow...
    GameStop shares see-sawed in volatile trading on Monday following the beloved meme stock’s multi-session rally last week that had racked up massive gains. Shares in the struggling video-game retailer had surged in early trading, rising about 7 percent after the opening bell, but then reversed the gain to plummet nearly 16 percent to $223 around 11:20 a.m. The sudden drop reportedly caused trading on GameStop to be halted for volatility before the stock recovered in the early afternoon. It was recently off about 5.5 percent at $250.01 as of 1:34 p.m. The whipsawed session came after a week in which GameStop’s share price surged 92 percent and reached heights not seen since the late-January market frenzy that shook Wall Street. Monday’s wild moves didn’t faze many rookie traders on Reddit’s WallStreetBets forum, which has made the Texas-based chain synonymous with the retail investing revolution. Some users said they planned to snap up GameStop shares with the $1,400 stimulus payments — or “stimmy” checks — that the feds started dropping in Americans’ bank accounts over the weekend. “Jokes on...
    Economic experts have largely dismissed worries that Democrats’ massive $1.9 trillion coronavirus relief package could trigger severe inflation. The Organization for Economic Cooperation and Development released its revised economic forecast Tuesday, projecting the U.S. economy to surge 6.5% this year in large part due to the trillion-dollar stimulus package. The OECD, along with prominent economists like former National Economic Council director Larry Summers, warned that such spending could cause significant “inflationary pressures.” However, economists recently surveyed by The Wall Street Journal expect inflation to rise by mid-2021 before dipping toward the end of the year. Inflation, or when the value of the dollar decreases, often occurs when a nation’s money supply grows faster than the economy and leads to higher consumer prices. “Inflation will reach levels rarely experienced over the past decade, at close to 3% in mid-2021, but uncontrolled overheating isn’t likely,” Oxford Economics chief U.S. economist Gregory Daco told the WSJ. (RELATED: Stimulus, Vaccinations To Drive Economic Surge In 2021, Report Shows) The most recent inflation crisis took place between the 1970s and 1980s when inflation peaked near 15%....
    Tuesday on FBN’s “Mornings with Maria,” Rep. Matt Gaetz (R-FL) derided the $1.9 trillion COVID-19 relief package, touted by the Biden White House, and called it a “Trojan Horse” for socialism. The Florida Republican lawmaker speculated inflation resulting from the massive government spending could be on the way. “It is a Trojan Horse for socialism,” he said. It is everything Democrats have wanted wrapped and branded in coronavirus so that people are scared into voting for it. And the point that was made by your financial panel earlier is entirely correct. This is only the beginning. And we are about to see massive inflation in this country as a consequence of no real pressure against the printing of money.” “The only reasons that we haven’t seen that inflation yet: One, we’ve had downward pressure as a result of the lower cost of transmitting data,” Gaetz continued. “Second, the dollar continues to be very attractive globally for people to acquire. And I think that as we roll into the second and third rounds of stimulus, you put the dollars, the global...
    Congressional Democrats have pushed ahead with a jam-packed coronavirus relief bill which Sen. Lindsey Graham, R-S.C., told "Sunday Morning Futures" is an attempt to transform America as we know it. "It's a reshaping of America," he said. "This is a trilogy of radical policy, and I hope the American people are paying attention because if you're not, you're going to wake up in a few years and your country will not be the nation you remember it being." The Senate narrowly passed the $1.9 trillion legislation through a vote of 50-49 on Saturday. Graham said the contents of the bill have little to do with COVID-19 relief and instead focuses on racial reparations and changes laws surrounding gender identity. SEN. JOSH HAWLEY: DEMOCRATS' POLICIES HAVE FORCED AMERICAN WORKERS TO COMPETE WITH 'SLAVE LABOR' "If you're in the farming business right now, this bill forgives 120% of your loan based on your race," he explained. "These people in the congress today – the House and the Senate on the Democrat side – are out-of-control liberals, and God help us all if...
    President Joe Biden is sidestepping a divided Congress and going straight to the nation Tuesday with a televised town hall in Wisconsin seeking support for his $1.9 trillion economic rescue package.  With lawmakers reeling from the aftermath of Donald Trump's impeachment acquittal, Biden is betting that he can escape the partisan turmoil by addressing ordinary voters at the primetime CNN event in Milwaukee — his first official trip away from Washington as president.  The live show will see Biden "go out and have a conversation with the people in Wisconsin, people who agree with him, people who disagree with him," press secretary Jen Psaki told reporters, calling the president "laser-focused" on passing his plan.  Biden's stimulus package would more than double the previous measure passed by Congress, after intense debate, in December.  The administration says massive injections of money, including $1,400 checks sent to many Americans, are vital to preventing a sluggish economic recovery from stalling altogether.  Police set up barricades prior to the arrival of President Joe Biden, outside The Pabst Theater in Milwaukee, Wisconsin, Feb. 16, 2021.Another...
            by Andrew Trunsky  President Joe Biden’s administration and Democrats in Congress have vowed to press forward with the president’s $1.9 trillion coronavirus relief package amid Republican objections to the bill’s size, even if they do so without any GOP votes. Biden has argued that the relief package is not only popular among a majority of Americans but is also necessary to combat the economic toll imposed by the coronavirus pandemic. Though Biden campaigned on a message of unity and bipartisanship, his administration rejected a Republican pitch to split the plan into smaller pieces and has said that it must move quickly to pass the package even if it means doing so without Republicans’ help. “The very health of our nation is at stake,” Biden said on Jan. 14 when he first introduced his recovery plan. “[It] does not come cheaply, but failure to do so will cost us dearly.” Biden’s administration has also argued that the package is necessary to beat the pandemic, touting its provisions for vaccine distribution, the reopening of schools and direct relief to American...
    President Joe Biden’s administration and Democrats in Congress have vowed to press forward with the president’s $1.9 trillion coronavirus relief package, allowing them to do so without any GOP votes. Though Biden campaigned on a message of unity and bipartisanship, he has argued that the relief package is not only popular among a majority of Americans but is also necessary to combat the economic toll imposed by the coronavirus pandemic. “The very health of our nation is at stake,” Biden said on Jan. 14 when he first introduced his recovery plan. Though eager to work with him, Republicans have also cautioned Biden against abandoning his calls for bipartisanship. “I think it would be wise for the new administration to work to try to get a bipartisan proposal,” said Sen. Lisa Murkowski. “I think that speaks exactly to President Biden’s comments a week ago.” President Joe Biden’s administration and Democrats in Congress have vowed to press forward with the president’s $1.9 trillion coronavirus relief package amid Republican objections to the bill’s size, even if they do so without any...
    VIDEO3:0203:02Jim Paulsen: 'Unintended consequences' from stimulus could hurt market next yearTrading Nation The Leuthold Group's Jim Paulsen sees trouble lurking as investors embrace growing odds of another stimulus package. Even though the long-time bull acknowledges massive aid has been necessary to steer the U.S. through the coronavirus crisis, he's worried too much spending will spark sharp inflation. In a recent note, Paulsen called it the "most significant risk beyond this year." "What latent unintended consequences is it going to lead to? It could lead to more rapid inflation which would necessitate more rapid tightening," the firm's chief investment strategist told CNBC's "Trading Nation" on Tuesday. "It could lead to a loss in world confidence and U.S. government finances." Paulsen, who oversees about $1 billion, notes it's ironic the one thing designed to help people navigate the pandemic may spark another serious recession. "It's the overuse and abuse of economic policies around the globe for that matter — but specifically in the United States," said Paulsen. For now, he's telling clients it's premature take action against potential inflation. Paulsen acknowledges there...
    Joe Biden faces a dramatically different start to his presidency if Democrats are able to secure Jon Ossoff's lead in his Georgia Senate runoff – with a big stimulus bill, prompt assembly of a government, and a string of judicial confirmations in the offing. An Ossoff victory, on top of Rev. Raphael Warnock's projected win over Republican Sen. Kelly Loeffler, would establish a 50-50 Senate – handing Democrats effective control after Sen. Kamala Harris is sworn in as vice president. It isn't enough of a majority to ram through big changes of the kind President Trump has warned about – a 'Green New Deal' or Medicare for All – but would constitute a game-changer for Biden's first years in office. President-elect Joe Biden would be able to push through cabinet nominees in a 50-50 Senate controlled by Democrats – and can use budget procedures to jam through sweeping legislation The first immediate effect will come for confirmation of Biden's cabinet. With a closely-divided Senate in mind, Biden has tried to shy away from picks who might prove to be...
    Economist and Trump economic adviser Stephen MooreStephen MooreSunday shows - Trump's COVID-19 relief bill opposition dominates Moore calls for tax cuts in latest COVID-19 relief bill Trump leaves Washington in limbo with relief threat MORE said he’s not sure that the U.S. needs a “massive stimulus bill” for economic growth in 2021. During an interview with John Catsimatidis on his radio show on WABC 770 AM, Moore said that recent estimates indicate the economy would get better “without all of this government spending.” “I’m not so sure we need this massive stimulus bill. We just need to get the vaccine out there,” Moore said. “And we need to get the businesses open in New York City and Los Angeles and Chicago and San Francisco.” The United States government began rolling out its vaccine effort after the Food and Drug Administration (FDA) approved the Pfizer/BioNTech and Moderna vaccines in December last year. However, the administration did not meet its anticipated goal of administering doses of coronavirus vaccines to 20 million people by the end of 2020.  Health experts have predicted that if...
    President Trump on Tuesday blasted the bipartisan omnibus spending bill passed by Congress that wrapped up COVID relief in it, calling for larger stimulus checks and arguing no one in Congress had read the bill. The face-off is reminiscent of 2018, when Trump threatened to veto an omnibus bill "nobody read." He ultimately ended up not vetoing but promised at the time never to sign such legislation again.  In 2018, he said he signed the legislation for the military and national security. "It's not right and it's very bad for our country," he said. "There are a lot of things that I’m unhappy about in this bill. There are a lot of things that we shouldn’t have had in this bill, but we were, in a sense, forced -- if we want to build our military -- we were forced to have. There are some things that we should have in the bill," Trump said at the time.  "But I say to Congress: I will never sign another bill like this again. I’m not going to do it again. Nobody read it. It’s only hours old. Some...
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