via axios:
Sen. Rand Paul (R-Ky.) tore into his fellow Republicans on Fox News Wednesday for considering a coronavirus relief package that could cost more than $1 trillion, calling on them to apologize to President Obama “for complaining that he was spending and borrowing too much” during his time in office.
Why it matters: Paul’s comments, while tongue-in-cheek, underscore the divisions within the Senate Republican conference, where as many as 20 GOP senators are likely to vote against any coronavirus relief bill — even if a deal is reached between Democrats and Trump administration.
The state of play: House Speaker Nancy Pelosi said Tuesday that she’s willing to settle for a price tag of $3.4 trillion, which is the cost of the relief package that House Democrats passed in May. White House chief of staff Mark Meadows said Wednesday that he’s “extremely doubtful” the two sides will reach a deal if negotiations continue past Friday.
Treasury ramps up auctions as borrowing surges…
WASHINGTON (AP) — The Treasury Department will ramp up the size of the bonds and other securities it auctions across-the-board in the face of the unprecedented borrowing needs of the the U.S. government as cases of COVID-19 surge in parts of the country.
Treasury officials said Wednesday that the billions of dollars in auction increases include a $2 billion increase in the three-year note, a $9 billion increase in its 10-year note and a $7 billion increase in its 30-year bond.
Those three securities will be auctioned next week as part of the government’s quarterly refunding where it raises a significant part of its borrowing needs each quarter.
The Treasury laid out plans to increase the size of other securities and to keep increasing those sizes over the next few months.
Tax preparers warn unemployment recipients could owe IRS…
Farmers Declare Bankruptcy Despite Record Levels of Aid…