Policy Papers
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Agency Resources for Coronavirus Response
KEY TAKEAWAYS The federal government continues to respond to the coronavirus national emergency. Congress has passed, and President Trump has signed, legislation to provide funding and other resources to help fight the spread of the coronavirus. The administration is working to implement these new laws and has been releasing guidance and resources to get help to Americans as quickly as possible. This document will be updated as further resources are released. Keeping Workers... Continue Reading
June 26, 2020
CARES Act Committee Resources
KEY TAKEAWAYS On March 27, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act, which includes provisions to aid the economy and ensures additional support is available to health care providers. The relevant Senate committees have provided summaries, section-by-sections, FAQs, and other documents to help explain the important legislation. This document will be updated as additional committee resources are released. Small Business Committee Paycheck... Continue Reading
June 17, 2020
Paycheck Protection Program is Helping Small Businesses
KEY TAKEAWAYS Lenders and the Small Business Administration have approved more than 4.6 million Paycheck Protection Program loans totaling $513 billion. The average loan size is about $111,000. The program is helping businesses across the country keep their workers employed as they absorb the economic shock from the COVID-19 emergency. A new law President Trump signed on June 5 gives businesses more time to spend their loan and flexibility to spend more of it on non-payroll costs, to fit their... Continue Reading
June 2, 2020
Coronavirus Relief for State, Local, and Tribal Governments
KEY TAKEAWAYS The CARES Act included a $150 billion Coronavirus Relief Fund to help state, local, territory, and tribal governments pay for unanticipated expenses related to COVID-19. Governments may use the funds for costs ranging from COVID-19 testing and contact tracing to payroll for public health and safety workers, though not to make up for revenue shortfalls. States are taking different approaches to spending their share of the funds. In the Coronavirus Aid, Relief, and Economic... Continue Reading
April 30, 2020
U.S. Supply Chain Security
KEY TAKEAWAYS The operations and supply chains of American businesses have been disrupted by measures taken to contain the coronavirus. Some lawmakers have questioned U.S. dependence on other countries, such as China, for pharmaceutical ingredients, medical equipment, and other critical products. Congress enacted policies to address these concerns in the CARES Act, including ways to track and monitor medical device shortages and increase access to information about the source of pharmaceutical... Continue Reading
April 17, 2020
Restart the Paycheck Protection Program
KEY TAKEAWAYS On April 3, the Paycheck Protection Program started approving loans to help small businesses stay open and keep paying their workers. On April 16, the program ran out of the nearly $350 billion Congress initially provided, after nearly 1.7 million loans were approved in just under two weeks. The Trump administration has requested about $250 billion more in program authority and additional appropriations to restart the Paycheck Protection Program. On April 16, the Paycheck... Continue Reading
April 10, 2020
Aid to Families and Workers in Coronavirus Response
KEY TAKEAWAYS Congress has passed three laws supporting families and workers as they deal with the effects of the coronavirus. Congress is requiring certain employers to give paid sick and expanded family leave to employees unable to work for coronavirus-related reasons. It has expanded jobless benefits, including for the self-employed and others who do not qualify for regular unemployment benefits. The federal government is also giving Americans direct cash aid through economic impact... Continue Reading
April 2, 2020
Update on Coronavirus Response - Phase III
KEY TAKEAWAYS The federal government continues to respond to the coronavirus. The Trump administration and state governments have taken action to ensure a swift response to the public health outbreak, declaring state and public health emergencies that allow for additional federal support and easier access to health care services. Congress has passed three bills to help respond to the coronavirus. Last week, Congress passed and President Trump signed into law the Coronavirus Aid, Relief, and... Continue Reading
March 17, 2020
Update on Coronavirus Response - Phase II
KEY TAKEAWAYS The federal government continues to respond to the coronavirus, named COVID-19 by the World Health Organization. Congress provided supplemental funding to target research and development of vaccines and treatments, health system preparedness, support state and local public health departments; and to strengthen the national stockpile of medical supplies. On March 14, the House passed the Families First Coronavirus Response Act, which provides aid to those affected by the... Continue Reading
March 14, 2020
Coronavirus Emergency Declaration
KEY TAKEAWAYS On March 13, President Trump declared the coronavirus to be a national emergency. The president made this emergency declaration under the authority of the Stafford Act and the National Emergencies Act. This declaration allows several federal agencies, including the military and FEMA, to offer help to state, local, territory, and tribal agencies dealing with the outbreak of coronavirus. The Department of Health and Human Services remains the lead federal agency in response. On... Continue Reading
March 12, 2020
When the Fed Changes Rates
KEY TAKEAWAYS On March 3, the Federal Reserve announced an unscheduled 0.5% cut to the “federal funds rate” target range due to economic risks posed by the coronavirus. This rate is what banks charge each other to borrow money overnight. Changes to the rate can influence consumer interest rates for auto loans, credit cards, and savings accounts. The rate is one tool the Fed has to set monetary policy in support of the U.S. economy. On March 3, the Federal... Continue Reading
March 5, 2020
Workers Reap the Benefits of Strong American Economy
KEY TAKEAWAYS Republicans’ pro-growth policies – including tax reform, deregulation, and expanding domestic energy production – have helped to make America’s economy bigger and stronger than ever. Since President Trump took office, millions of jobs have been created, and wages for American workers are growing at a solid pace. With unemployment near a half-century low, it’s no wonder most Americans say they are better off than they were three years ago. For the... Continue Reading
October 26, 2018
The Economy – Full Steam Ahead
KEY TAKEAWAYS The economy expanded at a 3.5 percent inflation-adjusted annualized rate in the third quarter of 2018, following growth of 4.2 percent in the second quarter. This is the highest back-to-back growth in four years. GDP continues to expand at a robust rate due to strong pro-growth policies. The nation’s economy grew at an inflation-adjusted annual rate of 3.5 percent in the third quarter of 2018. This follows 4.2 percent growth in the second quarter, 2.2 percent growth in the... Continue Reading
September 13, 2018
Roaring Economy Boosts American Workers
KEY TAKEAWAYS Under Republicans, the American economy is expanding at its second fastest pace in 13 years, with 4.2 percent growth last quarter and the Atlanta Fed projecting 3.8 percent this quarter. Americans are getting back to work as a result – the economy has added 1.7 million jobs since Congress passed the Tax Cuts and Jobs Act. Workers saw their disposable incomes grow 3.5 percent over last year, helping families keep more of their hard-earned money. America’s... Continue Reading
July 31, 2018
Economy and Confidence Keep Growing
KEY TAKEAWAYS The economy grew 4.1 percent in the second quarter of 2018 – the largest single-quarter growth in four years. With disposable income up 3.5 percent and 1.2 million new jobs since tax relief, Americans report their highest level of economic confidence in 14 years. The U.S. is reaping the rewards of strong pro-growth policies, including tax relief and regulatory relief. On Friday, the Commerce Department reported the largest single-quarter of economic growth in four years. In... Continue Reading
July 27, 2018
U.S. Economy Keeps Surging
KEY TAKEAWAYS The economy expanded at a 4.1 percent inflation-adjusted annualized rate in the second quarter of 2018. This is the largest single-quarter growth in four years. The U.S. is reaping the rewards of strong pro-growth policies, including tax relief and regulatory relief. The nation’s economy grew at an inflation-adjusted annual rate of 4.1 percent in the second quarter of 2018. This follows 2.2 percent growth in the first quarter and 2.2 percent growth for 2017 as a whole. This... Continue Reading
June 26, 2018
Summer Update: A Record of Republican Accomplishment
CUTTING TAXES: American families continue to reap the benefits of the first major reform of the tax code in 31 years. Four million workers received bonuses, consumer confidence hit an 18 year high, and 102 utility companies cut rates, saving consumers $3 billion. More than 8,000 low-income communities across the nation have been designated as “opportunity zones” to encourage investment and job creation. Congress also repealed two of Obamacare’s burdensome taxes on medical... Continue Reading
June 12, 2018
Strong Economy Keeps Rolling
June 1, 2018
May 2018 Jobs Report
Unemployment Rate: 3.8 percent Jobs Created: 223,000 Employment and Unemployment The Department of Labor reported that the unemployment rate in May fell to 3.8 percent, down 0.1 percentage points from the previous month. For May, the jobs report shows an increase of 223,000 nonfarm jobs. Sectors with job gains include retail trade (31,000), health care (29,000), construction (25,000), and manufacturing (18,000). The unemployment rate for African-Americans fell to 5.9 percent, the lowest on... Continue Reading
May 15, 2018
U.S. Economy: Strong, Healthy, Growing
KEY TAKEAWAYS Republican tax cuts and regulatory relief have spurred strong economic growth, producing 3.3 million new jobs since Election Day 2016. Today, the unemployment rate is 3.9 percent, and there is one job opening in the U.S. for every unemployed person looking for a job. Americans are optimistic these trends will continue – consumer confidence has hit an 18-year high in 2018. Today’s exceptionally strong economy is reflected in record-low unemployment and record-high... Continue Reading