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"There's not going to be any desire on the Republican side to bail out state pensions by borrowing money," he said.
The Wharton professor also weighed in on the price of oil tumbling below zero.
The decline was linked to the May futures contract, which expires tomorrow, forcing sellers to find buyers.
Crucial characteristics of the recovery effort that will determine how quickly the U.S. economy can rebound.
While mergers and acquisitions were declining as the novel coronavirus spread across the globe, the CFIUS, which reviews transactions for national security concerns, is also impacted by the new working conditions.
In the Main Street Lending Facility, eligible borrowers can have up to 10,000 employees or up to $2.5 billion in revenue.
One manufacturer's back-to-work guide shows the daunting task ahead.
A New York Fed survey of consumers shows growing expectations of job losses and spending declines.
Some paper checks may not reach recipients until mid-August.
"It looks like a depression scenario," according to the CEO of DoubleLine Capital.