A CBO report projects the Trump budget package would have minimal positive effect on GDP growth (0.04 percentage point), while adding $441 billion to federal budget deficits over the next decade.
Initial claims fell by 17,000 last week, in part because of a drop in Michigan, Missouri, and Texas, states that had registered large increases in unemployment applications in prior weeks.
The U.S. Treasury Department pinned down June 5 as the specific date on which the U.S. may default on its debt if Congress doesn't act—four days later than the previous estimate.