money

Coronavirus stimulus: White House ups offer to ‘almost $1.9 trillion’ ahead of Pelosi’s Tuesday deadline

White House chief of staff Mark Meadows said the White House had increased its stimulus supply as of Tuesday's deadline to hold out a deal ahead of the upcoming election.
"We increased our offering to nearly $ 1.9 trillion," Meadows told reporters Monday morning. "[The President] is willing to gi...

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Boomers' savings would only last seven years in 'ideal' retirement, study finds

According to a new study, the average baby boomer's savings will only be seven years at retirement unless they curtail their spending during their golden years.
According to a survey by Charles Schwab, boomers have saved an average of $ 920,400 for retirement, but expect to save $ 135,100 per yea...

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Mortgage rates sink to another new low

Mortgage rates hit a new low again this week - they set a record for the tenth time this year - and experts said they could go further.
According to Freddie Mac, a government sponsored agency that supports millions of mortgages, the average 30-year fixed mortgage rate fell from 2.87% the previous...

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Mortgage delinquency rate hits 21-year high

The percentage of homeowners who were four months behind their mortgage payments hit a 21-year high in July. This comes from the latest numbers from CoreLogic, a financial data and analytics company.
The 120-day crime rate was 1.4%, up from 0.12% in July 2019 and the highest since CoreLogic began...

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Social Security recipients will get $20 more each month in 2021

Social security and disability benefits are set to increase 1.3% over the next year, with the average monthly benefit increasing by $ 20 from $ 1,523 to $ 1,543, according to the Social Security Agency.
The increase explains the rise in inflation and is calculated by assessing the change in the c...

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Coronavirus stimulus: Pelosi lays out 8 areas of disconnect, calls President Trump's attitude 'shameful'

House spokeswoman Nancy Pelosi (D-CA), who has been actively negotiating a major new stimulus package with the White House, said the government's recent offer was insufficient but she still hoped for a deal.
"The president's stance is shameful when the need for immediate and meaningful action cou...

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Landlords can start the eviction process despite moratorium, government says

Landlords across the country can initiate the eviction process as long as a federal moratorium remains in place. This emerges from a government protocol published on Friday. You do not need to inform tenants of the protection they are entitled to.
Updated guidelines from the Centers for Disease C...

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'We're at the table': Pelosi responds after Trump admits need for coronavirus stimulus

President Donald Trump said the stimulus negotiations "start to work" on Thursday morning after the talks abruptly broke off less than two days earlier.
"Well, I cut the talks two days ago because they didn't work out," the president told Fox Business on Thursday morning. “Now they're starting to...

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Coronavirus stimulus: Failed negotiations will force Americans 'to make devastating cuts,' experts warn

Failure to get a bipartisan coronavirus stimulus agreement ahead of the presidential election would likely result in slower economic recovery and lower spending as millions of Americans' savings plummet.
"In October and November, unemployed families will run out of savings they rely on, and then ...

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Coronavirus stimulus checks: IRS can't keep $100 million in payments from incarcerated Americans, judge rules

Detained Americans who were originally not eligible for coronavirus stimulus checks can now pick them up following a ruling by the Northern District of California District Court.
As a result of the ruling, at least 84,000 stimulus payments to detainees worth approximately $ 100 million are non-re...

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Coronavirus stimulus: Fed Chair Powell says Congress dithering risks 'creating unnecessary hardship'

Federal Reserve Chairman Jerome Powell warned of the risks of limited government support to American households, businesses, and the economic recovery as Congress continues to try to reach a new economic agreement and renew aid provisions.
"Too little support would lead to a poor recovery and cre...

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Coronavirus stimulus: Americans’ income and savings tumble as government support expires

When the financial boost from additional unemployment benefits subsided in August, American personal incomes and savings also fell, according to a new government report.
Personal income fell 2.7% in August, the steepest decline in three months, according to data from the Bureau of Economic Analys...

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Coronavirus stimulus: House to vote on HEROES Act 2.0 as President Trump pushes for a deal

Parliament is expected to vote on a $ 2.2 trillion coronavirus stimulus package or scaled-down version of the HEROES bill on Thursday to formalize the Democrats' updated stimulus offer, while President Trump tells his negotiators to do more Compromise to find a deal.
The White House proposal is c...

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Coronavirus stimulus: Democrats trim proposal, including checks, to try to break stalemate

The downsized Democratic stimulus plan presented on Monday is reducing payments for relatives - among other things compared to the original version - in order to revive negotiations with the White House before the elections.
The updated HEROES bill costs $ 2.2 trillion, compared to the original $...

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Democratic election sweep win would add 7 million more jobs than a GOP one, analysis finds

A democratic turn in this election cycle would, according to a new analysis, result in a faster recovery in the labor market than a republican one, which creates millions of more jobs, reduces the unemployment rate faster and increases the number of people in work.
In a scenario where Democratic ...

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Coronavirus stimulus: A new deal remains uncertain as extra unemployment benefits run out

Most of the additional unemployment benefits under the President's Memorandum have now expired, leaving millions of Americans with less income. Another incentive could be more beneficial, but the chances of reaching an agreement before the election are reduced.
At least 26 states have paid out al...

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Coronavirus stimulus: Pelosi and Mnuchin agree to restart relief negotiations

Treasury Secretary Steven Mnuchin and Spokeswoman Nancy Pelosi (D-CA) both confirmed that they have agreed to resume talks that have been in a stalemate for nearly two months.
"The president and I want more support," Mnuchin said in his testimony to the Senate Banking Committee on Thursday. "I've...

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Employers consider eliminating certain worker benefits before open enrollment begins

It's almost open enrollment season and this will be the first opportunity for many workers to reassess their health and other benefits since the coronavirus pandemic began. However, they may find fewer offers than before.
According to a new survey of business decision makers across the country, c...

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Coronavirus stimulus: Congress must 'set aside electoral politics' and pass a new relief package, bipartisan group says

A bipartisan group of lawmakers urged the House of Representatives to postpone the upcoming October recess and remain in Washington, DC until a coronavirus stimulus deal is reached.
"We firmly believe that our place of employment will remain here in the People's House until the house has successf...

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More Americans could afford a $400 emergency in July, thanks to government support

While the coronavirus devastated the economy, Americans' personal finances got in better shape than they did before the pandemic began thanks to government aid.
Seven in ten Americans said they could cover a $ 400 emergency with cash or the equivalent in July, a Federal Reserve survey found. This...

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Coronavirus stimulus: White House backs $1.5 trillion package as GOP leaders silent on any deal

The White House continues to support coronavirus stimulus legislation at a higher price than what the GOP tabled last week, while Republican leaders remain silent on whether the party is willing to spend more on a new bill.
"I agree with a lot," the president said in a press conference Wednesday ...

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Coronavirus stimulus: Bipartisan caucus unveils $1.5 trillion proposal, including checks and extra unemployment benefits, in attempt to break gridlock

A non-partisan group of members of the House of Representatives unveils a stimulus proposal aimed at breaking a month-long stalemate in negotiations and distributing $ 1.5 billion to the economy before the elections.
The group's middle ground proposal, known as the 'Problem Solvers Caucus', inclu...

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Mortgage rates hit a new low again

Mortgage rates hit new lows again, giving a record number of homeowners the opportunity to refinance.
The median fixed mortgage rate fell to a record low of 2.86% for 30 years, according to Freddie Mac, a government sponsored agency that supports millions of mortgages. This was the ninth time the...

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Coronavirus stimulus: States are running out of unemployment benefits ordered by President Trump

While most states have not yet distributed the additional $ 300 per week under the President's Executive Memorandum, a handful are already running out of funds to pay the additional benefits.
"It seems like it's going to end, it seems like we're going to hit the wall," Michele Evermore, senior po...

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Trump’s panned payroll tax deferral is mandatory for 2.2 million federal employees and military members

An estimated 2.2 million federal employees and military personnel cannot opt ​​out of President Trump's temporary wage tax deferral, which means they will see larger paychecks by the end of the year but smaller paychecks early next year.
Employers generally have the option to opt out of deferred ...

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Just 16 states can travel to New York, New Jersey, and Connecticut without restrictions

New York, New Jersey and Connecticut on Tuesday revised the list of states whose residents must self-quarantine when visiting the Tristate area. Visitors from only 16 states can travel freely to the region.
For the first time in weeks, four states - Delaware, Maryland, Ohio and West Virginia - ha...

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Majority of US adults under 30 now living with parents, study finds

The number of young adults living with their parents hit a high of at least eight decades in July as the job disruption from the pandemic hit young generations particularly hard.
More than half of adults under 30 (52%) or 26.6 million live with one or both parents as of July, according to a study...

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Coronavirus stimulus: Funding for extra unemployment benefits ordered by President Trump is running out

States will soon run out of funds to provide additional unemployment benefits for millions of Americans under the memorandum signed by the president in early August.
"The benefits to individuals are likely to suddenly cease," the Arizona Department of Economic Security director reportedly told re...

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'Not a rent holiday:' Trump's new eviction action leaves renters on the hook for months of backpay

Tenants taking advantage of the Trump administration's new eviction moratorium could end in January due to months of renting back.
This week, the Centers for Disease Control and Prevention used their powers to halt evictions for a wide range of American renters by December 31st to halt the spread...

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Coronavirus stimulus checks: Pence highlights 'direct payments to American families' amid stalled negotiations

Vice President Mike Pence reiterated the president's continued support for further stimulus measures as stalled negotiations on the next bailout package are expected to resume next week.
Pence said the White House and Congress could now "just focus on another relief bill" after reaching an agreem...

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