Joe Biden told potential donors to his campaign that his administration would end most of President Trump’s multitrillion-dollar tax cuts – even though “a lot of you may not like that,” CNBC reports.

Washington Post: “Inside the West Wing, Trump is reticent to pursue a new stimulus package and confident about a revival even as economists and the Federal Reserve chairman push the president and Congress to spend more to address the economic carnage.”

“They said conservatives are urging Trump to hold off on providing relief to states that have been battered by the coronavirus pandemic and telling him to instead focus on securing tax breaks for businesses, reducing regulations and fighting his trade war with China.”

“President Trump’s demands for the next coronavirus aid package are running into a stubborn obstacle: his own party,” Politico reports.

“As Washington begins zeroing in on its next major coronavirus bill, congressional Republicans are on a different trajectory than the president and are themselves divided on the payroll tax cut, or whether to do anything at all. Much of the party has coalesced behind providing liability protections that Democrats disdain, yet Trump is eyeing the much flashier tax cut as the centerpiece of the upcoming legislation.”

Washington Post: “The intraparty rift on a payroll tax cut comes as the Democratic-led House scrambles to produce additional coronavirus legislation with perhaps another massive price tag.”

“Massive stimulus to support the U.S. economy through the coronavirus crisis will cause the Treasury to borrow a record $3 trillion this quarter,” CNBC reports.

“Total U.S. government debt now is near $25 trillion.”

“Thousands of foreign workers, many living overseas, are receiving stimulus checks designated for U.S. residents due to an unforeseen glitch that funneled taxpayer dollars to other countries,” Politico reports.

Politico: “Economists from a broad range of ideological backgrounds are encouraging Congress to keep spending to combat catastrophic job losses — and say now is not the time to focus on the deficit. They emphasize that the federal government can borrow at near-zero interest rates, as investors seek the safety of U.S. bonds and the Federal Reserve buys up tens of billions of dollars worth of Treasury securities each week.”

“The Congressional Budget Office now expects that the coronavirus will push the federal debt to the highest level in history, exceeding the previous record set during World War II,” the Washington Examiner reports.

“Taking into account the trillions of dollars in new spending and the economic downturn caused by the coronavirus and related shutdowns, CBO expects the U.S. to add $5.8 trillion to the debt in the next two years, bringing the debt to 108% of GDP by the end of 2021.”

Wall Street Journal: “The coronavirus pandemic is expected to weigh on the financial condition of Social Security, which is currently projected to pay benefits that exceed its income in 2021 for the first time in nearly 40 years.”

Politico: “The agency is under pressure to push the money out as quickly as possible — even as the coronavirus is simultaneously killing tens of thousands of people. The IRS is supposed to check death records before okaying the payments, but the government does not have real-time information on who dies. That data percolates up from the states, and there is invariably a lag in reporting.”

Politico: “The IRS is piling unopened business tax refund requests into storage trailers and advising companies to file by fax instead. It’s stopped answering phone calls on taxpayer assistance lines. And it’s not processing millions of paper tax returns filed by individual Americans.”

“The coronavirus pandemic has nearly crippled the tax collection agency, which relies on antiquated technology and still does a lot of business on paper, just as it is most needed to help pump money into the ailing economy.”