10,607.3555.65
Stock Analysis, IPO, Mutual Funds, Bonds & More

White House won't issue economic projections this summer

White House maintains that the underlying economic data would be too uncertain to convey a meaningful picture about the recovery, according to the official, who was not authorized to discuss the matter publicly before an official announcement and spoke on condition of anonymity.

AP|
Last Updated: May 28, 2020, 10.19 PM IST
0Comments
AP
trump-white-house-AP
Coronavirus

COVID-19 CASES

Confirmed
648,315
Deaths
18,655
Washington: The White House will not release its official midyear economic update this summer, declining to put its stamp on data documenting the plunge into recession during the coronavirus pandemic and avoiding going on record with a prediction about the economy's future.

Updated information about the budget picture will come out as planned, a senior Trump administration official said Thursday.

A significant decline in tax receipts as well as outlays from almost $3 trillion in coronavirus-related aid bills are sure to produce a multitrillion-dollar government deficit for the budget year ending Sept. 30.

But the White House maintains that the underlying economic data would be too uncertain to convey a meaningful picture about the recovery, according to the official, who was not authorized to discuss the matter publicly before an official announcement and spoke on condition of anonymity.

A key report on second-quarter economic growth will not come out until after the July 15 deadline for the annual update.

The decision is sure to prompt criticism from Democrats that President Donald Trump, facing difficult reelection prospects, wants to avoid putting his administration's imprint on bad economic news in the months before the November 3 vote.

The Trump team's economic projections, like those from earlier administrations, have tended to be overly optimistic, and the White House has not shown much interest in put in place its annual budgets, which have called for spending cuts unpopular even among its allies on Capitol Hill.

The Washington Post first reported the White House decision to scrap the economic data release.
(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

Also Read

White House aware of Russian bounties in 2019

Trump grateful for Indian-Americans' support: White House

No announcement on withdrawal of troops from Germany: White House

White House softens on sending troops to states

White House report blasts Chinese 'malign activities'

White House report blasts Chinese 'malign activities'

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service