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The General Services Administration, a government agency that assists incoming presidents with their transitions into the Oval Office, announced Monday that it has formally recognized President-elect Joe Biden’s victory in this month’s presidential election, according to a memo sent by the GSA.The announcement comes as the Trump campaign has been failing to gain traction in its legal battle against a number of states that Biden won.With the GSA’s decision, the White House will be required to provide intelligence briefings for Biden, along with classified government documents. The Biden team can also begin conducting background checks on potential hires before taking office on January 20, 2021.Last week, Biden said that the lack of a formal transition could have set the United States’ response to the coronavirus back.“I am optimistic but we should be further along,” Biden last week said during a virtual call with first responders. “One of the problem that we are having now is the failure of the administration to recognize (the results)."Since the Associated Press projected Biden as the winner of the election on Nov. 7, President Donald Trump and his campaign has made multiple claims that the election was stolen, and accusing election officials of fraud. So far, Trump’s campaign has not been able to substantiate any evidence of fraud in court, and has had a number of lawsuits dismissed.After past presidential elections, the apparent winner is given funding and access to documents to begin the transition.Biden pointed to the Presidential Transition Act of 1963, which says that government services and documents be made available to the “apparent” victor of the presidential election.While Trump did not concede on Monday, he said he is recommending his team to cooperate in the transition of power. "I want to thank Emily Murphy at GSA for her steadfast dedication and loyalty to our Country," Trump tweeted. "She has been harassed, threatened, and abused – and I do not want to see this happen to her, her family, or employees of GSA. Our case STRONGLY continues, we will keep up the good fight, and I believe we will prevail! Nevertheless, in the best interest of our Country, I am recommending that Emily and her team do what needs to be done with regard to initial protocols, and have told my team to do the same."GSA Administrator Emily Murphy said in letter that she had received threats, and that she was no coerced into delaying the announcement of an apparent winner."To be clear, I did not receive any direction to delay my determination," Murphy said in a letter to the Biden-Harris transition. "I did, however, receive threats online, by phone, and by mail directed at my safety, my family, my staff, and even my pets in an effort to coerce me into making this determination prematurely. Even in the face of thousands of threats, I always remained committed to upholding the law."Contrary to media reports and insinuations, my decision was not made out of fear or favoritism. Instead, I strongly believe that the statute requires that the GSA Administrator ascertain, not impose, the apparent president-elect. Unfortunately, the statute provides no procedures or standards for this process, so I looked to precedent from prior elections involving legal challenges and incomplete counts. GSA does not dictate the outcome of legal disputes and recounts, nor does it determine whether such proceedings are reasonable or justified. These are issues that the Constitution, federal laws, and state laws leave to the election certification process and decisions by courts of competent jurisdiction. I do not think that an agency charged with improving federal procurement and property management should place itself above the constitutionally-based election process. I strongly urge Congress to consider amendments to the Act."The Biden transition team welcomed the news on Monday. "Today’s decision is a needed step to begin tackling the challenges facing our nation, including getting the pandemic under control and our economy back on track," Biden- Harris transition executive director Yohannes Abraham said in a statement. "This final decision is a definitive administrative action to formally begin the transition process with federal agencies. In the days ahead, transition officials will begin meeting with federal officials to discuss the pandemic response, have a full accounting of our national security interests, and gain complete understanding of the Trump administration’s efforts to hollow out government agencies." 4568

The federal government is running up its credit bill again.The deficit rose to 9 billion in fiscal year 2018, up 17% from last year, according to final figures released Monday by the Treasury Department. That's the largest number since 2012, when the country was still spending massively to stimulate an economy struggling to recover.Government receipts were flat this year from last year. Corporate tax collections fell billion, or 22%, due to the Republican-backed tax cut. But that drop was more than offset by increased revenues from individual and self-employment taxes. The fiscal year ended September 30.Spending rose 3% over the previous year, fueled in part by increases to the defense budget agreed upon in September 2017 as part of a deal between Republicans and Democrats to head off a government shutdown. Social Security and interest on the federal debt also contributed to the increase.The Committee for a Responsible Federal Budget, a think tank that warns of the dangers of rising debt levels, said the deficit could reach trillion as soon as next year. That would still be below a high of .4 trillion reached in 2009, but in a vastly different economy."Those elected to Congress this year will face stark and difficult choices to put the debt on a downward path and protect our nation's social programs from insolvency," said Maya MacGuineas, the group's president. "It's no longer a problem for the future."The White House has steadfastly defended its policies, arguing that the yawning gap is a reason to cut deeper into social programs to balance out increases to the military budget. It's a long way from the Republican stance under President Barack Obama, when the GOP-led House demanded about trillion in budget cuts over 10 years in exchange for a debt ceiling increase, leading to years of painful automatic reductions to federal spending.White House budget director Mick Mulvaney, a notable debt hawk while he was a congressman, said the numbers underscored a need to cut spending."The president is very much aware of the realities presented by our national debt," Mulvaney said in a statement. "America's booming economy will create increased government revenues — an important step toward long-term fiscal sustainability. But this fiscal picture is a blunt warning to Congress of the dire consequences of irresponsible and unnecessary spending."His comments echoed remarks by Treasury Secretary Steven Mnuchin last week in an interview with CNN suggesting that Democrats' resistance to cutting government spending on education, health care and other social programs was to blame for deficit increases."People are going to want to say the deficit is because of the tax cuts. That's not the real story," Mnuchin told CNN. "The real story is we made a significant investment in the military which is very, very important, and to get that done we had to increase non-military spending."Not many non-military spending categories increased, however. Outlays for the departments of Housing and Urban Development, Transportation, Energy and Education all decreased, while Health and Human Services and Veterans Affairs increased slightly. The Agriculture Department saw a 7% bump from last year.The deficit figure is?in line with what the Congressional Budget Office, the official government scorekeeper of federal fiscal policy, projected earlier this month. In June, the CBO projected that the deficit would rise to 9.5% of GDP in 2018.Also in June, the federal debt — which aggregates annual deficits over time — stood at 78% of gross domestic product, the highest level since right after World War II. Updated figures were not immediately available on Monday.As interest rates rise, servicing that ballooning debt could pose challenging. Treasury spent 2 billion last year paying interest, up 14% from the year before. That's more than the cost of Medicaid, food stamps, and the department of Housing and Urban Development combined. But it is smaller as a percentage of GDP than it has been historically.In late September, the House passed a bill that would extend individual tax cuts that are currently are slated to end in 2025, at a cost of 1 billion over a 10-year window. 4260

The Dow Jones Industrial Average closed at a record high Monday, erasing the last of its pandemic losses, after a second drug company announced encouraging progress on developing a coronavirus vaccine. The Dow Jones closed at 29,950, topping the previous record set back in February. The Dow Jones has completed a long comeback after losing nearly 35% of its value over the course of six weeks during the onset of the coronavirus pandemic. While the Dow rallied at the end of spring and start of summer, the markets were sluggish in their recovery until the start of November. The S&P 500 added to the record high it reached last Friday. The Dow rose 1.6% and the S&P 500 added 1.2% after Moderna said its COVID-19 vaccine appears to be 94.5% effective, according to preliminary data. It comes just a week after Pfizer and BioNTech gave similarly encouraging numbers about their own vaccine candidate. Stocks of companies that would benefit the most from the economy climbing out of its recession led the way higher. 1032

The coronavirus vaccine has been administered to 1 million Americans in the last 10 days, the CDC reported on Wednesday.The first vaccinations were administered to Americans early last week after Pfizer’s coronavirus vaccine received an emergency use authorization. Pfizer said last week that it had distributed 2.9 million doses of the vaccine throughout the United States.Earlier this week, Moderna’s coronavirus vaccine candidate began being administered to Americans.So far, there have been over 9.4 million doses of the vaccine distributed throughout the US. Getting them administered is taking some time.Although 1 million vaccinations is a significant milestone, it is a fraction of the vaccinations needed to stop the spread of the virus. The first round of vaccinations are intended for 24 million Americans who work in health care settings or who live or work assisted living facilities. The next step will be to vaccinate 21 million Americans over the age of 75 and 30 million front-line workers, such as teachers, first responders and grocery store employees.“While we celebrate this historic milestone, we also acknowledge the challenging path ahead,” CDC director Robert Redfield said in a statement. “There is currently a limited supply of COVID-19 vaccine in the U.S., but supply will increase in the weeks and months to come. The goal is for everyone to be able to easily get vaccinated against COVID-19 as soon as large enough quantities are available.”Those who have received their first dose of the vaccine will need to return for a booster in 21 to 28 days, depending on the vaccine administered. 1625

The Department of Labor reported Thursday that 1.5 million Americans filed initial claims for unemployment during the week ending June 6, bringing a three-month total to about 43 million.Thursday's report marked the tenth straight week of declining unemployment numbers, as every state has begun the process of lifting coronavirus-related lockdowns.The report also comes a week after the U.S. Bureau of Labor Statistics said the U.S. unemployment rate actually fell a full percentage point — an encouraging sign for the economy.But despite last week's report, weekly unemployment claims remain historically high.Prior to the pandemic, the record high for weekly unemployment claims came in 2006, when 665,000 people filed for unemployment. The Department of Labor has been tracking the statistics since 1967.Economists often use weekly unemployment claims as a reliable tool when predicting unemployment. However, some surveys indicate that weekly initial claims may be underestimating the amount of those unemployed.At least one survey from the Economic Policy Institute found that millions of Americans gave up trying to seek benefits or didn't even attempt to due to states' overwhelmed and antiquated unemployment systems.Despite the staggering unemployment figures, the stock market has been on a steady rise since reaching a four-year low in March. Markets have been buoyed by stimulus from both the Federal Reserve and Congress, as well as encouraging reports from health experts regarding the potential development of a COVID-19 vaccine. 1553

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