GDP

Congressional forecasters are projecting a federal deficit of $2.3 trillion this fiscal year, even without the additional $1.9 trillion in spending that President Biden has proposed.

The coronavirus triggered the sharpest economic contraction in modern history in the second quarter as the pandemic hammered the economy, the Commerce Department said Thursday.

The economy contracted in the first quarter of 2020 as the coronavirus began to take its toll and spending dived. It's the first quarterly drop in six years and a likely precursor to a deep recession.