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With increased expenditures and decreased tax revenues, the debt owed by the US federal government is expected to exceed the GDP of the US in 2021, according to a government analysis.On Wednesday, the Congressional Budget Office released the updated figures showing that the federal government’s debt is projected to be 104% of the size of the economy in fiscal year 2021. 2021 is expected to be the first time since 1946 that the amount of debt is larger than the size of the economy.The CBO’s projection shows that the debt is expected to remain larger than the size of the economy through the upcoming decade.For several decades following World War II, the amount of debt the US owed relative to the size of the economy decreased, bottoming out in 1974 at 23%. The US debt began increasing in the 70s and 80s as balanced budgets became more of an exception. The last time the US had a balanced budget was in 2001. While the US debt burden decreased for most of George W. Bush’s presidency, it began to skyrocket amid the last recession.The CBO says that while 2020 saw a slight decline in revenue, the year saw a massive increase in government spending amid the coronavirus pandemic.To see the full analysis, click here. 1231

WILMINGTON, Del. — Joe Biden's meeting Thursday with a group of Democratic and Republican governors is his latest attempt to fight through President Donald Trump's unprecedented attempt to block the president-elect's transition to power.Biden and vice president-elect Kamala Harris have planned a virtual session with the National Governors Association's leadership team for Wednesday afternoon, which includes five Republicans and four Democrats.All the Democrats and a majority of the Republicans involved have acknowledged Biden as the winner of the White House election.The president-elect's remarks come as Georgia is slated to release results of a hand recount of the 2020 presidential election in the state. While reports indicate that the tally will include a few more votes for Trump, he will still likely fall far short of overtaking Biden's current lead in the state.Georgia is the only state that the Associated Press has not called for either candidate. Even without Georgia's electoral votes, Biden would still have enough to win the presidency.Trump is continuing to push unsubstantiated claims of voter fraud. On Thursday, he continued to court Republican election officials in Wayne County, Michigan in an attempt to de-certify the results of the heavily Democratic county. 1298

When Hurricane Michael makes landfall today, it will hit Panama City, Florida, first. As a Category 4 storm, it will be the strongest storm to ever hit the city.How bad is it? In nearby Panama City Beach, a Waffle House actually closed. If you're familiar with the concept of the Waffle House index, you know the ever-reliable 24/7 chain deciding to board up means some serious stuff is going down.And yes, for those who aren't familiar with the area, Panama City and Panama City Beach are in fact two separate cities, the latter being home to the famous spring break beach destination. 594

With a mask covering his face and his fingers playing a disinfected piano, musician Purnell Steen and his band, Le Jazz Machine, are back to doing what they love: playing music in front of a live audience, but now from a regulated distance.“It is a new learning experience for all us,” Steen said.After being shut down for months due to coronavirus concerns, Steen is back on his home stage at Dazzle in downtown Denver, one of the top 100 jazz bars in the world.“For the entire month of June, we did as much as much revenue as we used to do on a good Saturday,” said Matt Ruff, Dazzle general manager.Ruff says new safety guidelines that allow live music venues like his to operate are impacting his bottom line.“Capacity went from 50 to 100 people,” he said. “But it’s still 6-foot distancing between tables and the closest table to the stage has to be 25 feet away from the stage.”Though he’s thankful to reopen, Ruff is also questioning some of those safety measures, like no longer allowing wind instruments to be played on stage.“I think that’s based on faulty information,” he said. "People think that horns project something, but the science is just not there.”Some scientists, however, believe those brass instruments could hit a sour note when it comes to health.“You’re blowing from the lungs, so they are respiratory droplets and that’s the primary means by which this virus is transmitted,” said Sheryl Zajdowicz, Ph.D., a biology professor at Metropolitan State University of Denver.This infectious disease specialist says while live music could be good for the soul, social distancing could be even better for one’s health.“When you’re at a music venue, you’re kind of up against each other,” she said. “It’s going to be very challenging to limit that from happening.”That’s where Live Nation comes in.This entertainment group is now promoting “Live from the Drive-In,” a new live music experience where people can watch and listen to top artists from their own individual tailgate zones at outdoor concerts across the country.Back at Dazzle, fans say live music is what they need during this pandemic.And while the new normal on stage could be confining for artists, they believe live music will help calm emotions as the virus moves towards a crescendo.“If we can bring a few moments of joy to somebody than we have performed our mission,” Steen said. 2376

With millions of Americans set to lose a weekly 0 unemployment supplement this week, leaders in Washington are discussing another stimulus package that could extend the supplement for the unemployed. The 0 a week program from the federal government was added to state unemployment benefits.Leaders on Capitol Hill also are pushing for a second round of stimulus checks. While it appears Democrats and Republicans are in agreement that there should be another stimulus bill, compromising to the details remains an issue.On Tuesday, President Donald Trump said that he is looking at continuing an unemployment supplement, but at of 70%. Trump said that he and other GOP lawmakers believed that the supplement gave Americans an incentive to remain unemployed.“We want to have people go back and want to go back to work as opposed to be sort of forced into a position where they're making more money than they expected to make and the employers are having a hard time getting them back to work,” Trump said. “It still worked out well because it gave people a lifeline, a real lifeline. Now we're doing it again.”Senate Minority Leader Chuck Schumer agreed that an unemployment supplement is needed as unemployment levels remain in double figures. Democrats in the House passed a bill in the spring that would have extended the added unemployment through the end of the year. The GOP-held Senate has not considered the legislation.“It makes no sense to cut back at a time when we have over 20 million unemployed and we have the greatest unemployment crisis since the Great Depression,” Schumer said in an interview with CNN. “To cut back on unemployment insurance makes no sense whatsoever. That's what they're proposed. In the other proposal, we'll pay people to go back to work. Well, those who go back to work are getting the salary.”Senate Majority Leader Mitch McConnell suggested that an agreement is still a ways off. He also hasn’t signed off on an unemployment supplement, and says that his focus is to get workers back to work rather than provide supplemental unemployment. McConnell, however, said that his proposal would include a second round of stimulus checks. Details of that plan are not available, but McConnell previously said a second round of stimulus would include fewer Americans. With coronavirus cases remaining at high levels and large gathering spaces forced to operate at reduced capacities, it is hard to imagine employment levels reaching pre-coronavirus levels. McConnell told reporters earlier in July that the next round of stimulus funds should cover Americans making less than ,000 per year, which is far lower than the threshold for stimulus funds during the last round of aid, which many Americans received in April and May.McConnell said on Tuesday that the Senate is also looking at replenishing the Paycheck Protection Program, which gave companies funds to help them make payroll during the coronavirus pandemic.“With the majority of businesses expected to exhaust their initial paycheck protection funding this summer, we'll also be proposing a targeted second round of the PPP with a special eye toward hard hit businesses,” McConnell said. “And speaking of building on what worked in the Cares Act, we want another round of direct payments, direct payments to help American families keep driving our national comeback." 3375

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