Business & Economy

On The Money: Five ways an obscure Senate ruling could change Washington | IMF sees record global economic growth in 2021

Happy Tuesday and welcome back to On The Money, where we hope Aaron Rodgers hosts “Jeopardy!” forever. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.

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THE BIG DEAL—Five ways an obscure Senate ruling could change Washington: The Senate parliamentarian issued a ruling Monday night paving the way for the unlimited use of a budget procedure to bypass the legislative filibuster.

The ruling by Elizabeth MacDonough – who is largely unknown to the public – could change how Washington operates, and give Democrats significant leeway to advance their agenda over the next two years. Here are five reasons why the decision is a game changer.

The Hill’s Niv Elis explains it all here.

 

LEADING THE DAY

Consumer bureau proposes ban on most home foreclosures until 2022: The Consumer Financial Protection Bureau (CFPB) is proposing what would effectively be a ban on most residential foreclosures through the end of 2021.

The CFPB on Monday proposed a rule that would bar mortgage lenders and servicers from starting foreclosure proceedings on mortgages for primary residences until the homeowner has been delinquent for 120 days.

“Millions of families are at risk of losing their homes to foreclosure in the coming months, even as the country opens back up. Last week we warned that servicers need to be prepared for a high volume of borrowers exiting forbearance,” said acting CFPB Director David Uejio.

“We will do everything in our power to ensure servicers work with struggling families to find solutions that prevent avoidable foreclosures,” he added.

I explain here.

 

IMF sees record global economic growth in 2021: The International Monetary Fund (IMF) projects that COVID-19 vaccines and fiscal stimulus will push the global economy to a record growth level of 6 percent in 2021, led by an outsized recovery in the United States.

“The upgrades in global growth for 2021 and 2022 are mainly due to upgrades for advanced economies, particularly to a sizeable upgrade for the United States (1.3 percentage points) that is expected to grow at 6.4 percent this year,” the IMF’s research director, Gita Gopinath, wrote in a blog post on the latest World Economic Outlook report, released Tuesday.

“This makes the United States the only large economy projected to surpass the level of GDP it was forecast to have in 2022 in the absence of this pandemic,” she added.

The Hill’s Niv Elis breaks it down here.

 

GOOD TO KNOW

 

ODDS AND ENDS