it s just a scary situation all the way across the board but, i mean, we re in a situation where we have to work. reporter: in neighboring south carolina, senator lindsey graham tweeting, i worry that our friends and neighbors in georgia are going too fast, too soon. adding, what happens in georgia will impact us in south carolina. but south carolina is easing restrictions too. beachgoers allowed back to the shores. people grouping together with chairs and coolers. it s showtime! reporter: some businesses opening their doors to eager customers, with social distancing limits. in washington tonight, word congress has struck a deal on a $484 billion plan to help the economic recovery, including new loans for small businesses plus more money for hospitals and testing. there have been some big businesses that have taken these loans. i was pleased to see that shake shack returned the money. shake shack was not alone in being a big company. that got money in this. i m going
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there s a difference. what happened is president obama came in in a recession and so there s a lot of job growth at the beginning because you re recovering from 11% unemployment rate. the congressional budget office thought we would great about 2 million million jobs since president trump took office or elected and it s about 7 million and the point is we re exceeding expectation because once you get to what the economists call full employment it s harder to create is jobs. there s a 5 million job surprise. if you re going to wonder about the economy and like even take your political hat off, you have to think about where did the 5 million job surprise come and our view, gary and my vau, it came because of mostly the tax cuts. that s interesting. but i mean in terms of who was the bigger job creator, at the moment if you use the same metrics it was president obama. let s move on because i want to talk about something that republicans used to talk about all the time and now no one m
billion in 2017. that is now $984 billion. steve mnuchin made it clear under the white house two years ago he said the new tax legislation would actually lower deficits by a trillion dollars over 10 years. that s not the trend we re seeing right now. 1.4 trillion spending deal, this package will certainly add to the deficit. so what is the white house doing about it? a couple things about that. elections have consequences. the fact that the democrats took over the house of representatives basically required the republican side to make concessions on spending that we otherwise would not have made. so that s been a problem. the second problem is powell at the federal reserve raising rates too far too fast over the last year or so. the best way to basically reduce the deficit is to grow faster. one more point of growth.
that s simple, easy, awesome. say nba league pass into your voice remote to check out a free preview. don t miss out. the u.s. budget deficit rose to nearly $1 trillion in 2019, up 26% in just the last year. the treasury department made the announcement on friday that the deficit has now reached $984 billion. that is the highest it has been