U.S. News

The New York Times reports that there has been an uncharacteristic surge in corporate borrowing during the ongoing economic downturn, driven largely by the Fed’s actions to stabilize markets by keeping interest rates near zero and buying corporate debt. Even high-risk and heavily indebted companies have issued new bonds during the crisis, implying that the low cost of borrowing may help companies stay afloat that otherwise would have gone bankrupt this year. NYT

The Washington Post reports that the White House is pushing for a payroll tax cut and liability protections for businesses ahead of negotiations in Congress over the structure of a new coronavirus stimulus bill. GOP lawmakers are exploring options to limit the cost of the bill while returning people to the workforce, including reducing enhanced unemployment benefits and limiting benefits to those at the lower end of the income distribution. WaPo