May 23, 2017

Paul Ryan has "an abundance of caution" about the budget bill

J. Scott Applewhite / AP

Asked about the "widely optimistic" outlook for economic growth in the Trump administration's budget, House speaker Paul Ryan seemed uncertain of the specifics, but said he has confidence in the Office of Management and Budget:

"I haven't seen the details yet, I don't want to get ahead of [Mick] Mulvaney... but I would say this ... we never hit 3% growth in the last presidency at all... the problem for us as Americans is that we have embraced slow growth strategies for the last eight years and now we have an administration and Congress committed to pro-growth strategies.
"Whether or not we hit those numbers, I don't know the answer yet because I haven't seen all of those numbers, but I would expect that OMB will put their projections of what the economy will reach in their budget."

Other takeaways:

  • "Clearly Congress will take that budget then work on our own budget, which is the case every single year. But at least we now have common objectives: roll the economy, balance the budget. "
  • "We want to work on our schedule and not the schedule of some other body like the CBO. The CBO can take a long time but the legislative schedule is important to us to make sure we hit our benchmarks and our timelines, and we've done that."
  • "[The CBO score] has to say $2 billion. The last score was $150 billion dollars.. we just want to have an abundance of caution... so that when we send our bill over to the senate it's not, as we say, fatal."

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 8 a.m. ET: 6,294,222 — Total deaths: 376,077 — Total recoveries — 2,711,241Map.
  2. U.S.: Total confirmed cases as of 8 a.m. ET: 1,811,277 — Total deaths: 105,147 — Total recoveries: 458,231 — Total tested: 17,340,682Map.
  3. Public health: Nearly 26,000 coronavirus deaths in nursing homes have been reported to federal health officials —Coronavirus looms over George Floyd protests across the country.
  4. Federal government: Trump lashes out at governors, calls for National Guard to "dominate" streets.
  5. World: Former FDA commissioner says "this is not the time" to cut ties with WHO.
  6. 🎧 Podcast: The virus didn't go away.

More than 1 in 6 black workers lost jobs between February and April

Adapted from EPI analysis of Bureau of Labor Statistics data; Chart: Andrew Witherspoon/Axios

As is often the case, the staggering job losses in the coronavirus-driven recession have been worse for black workers.

By the numbers: According to a report from the Economic Policy Institute, titled "Racism and economic inequality have predisposed black workers to be most hurt by coronavirus pandemic," more than 1 in 6 black workers lost their jobs between February and April.

Coronavirus could lower GDP by $15.7 trillion

Reproduced from Congressional Budget Office; Chart: Axios Visuals

The CBO released projections on Monday for U.S. nominal GDP to be lower by $15.7 trillion over the next decade than its estimate in January as a result of the coronavirus pandemic.

What they're saying: It predicts that when adjusted for inflation GDP will be $7.9 trillion lower over the next decade and down by $790 billion in the second quarter of this year — a 37.7% quarterly contraction.