Economy live updates: Relief checks, recession, earnings, unemployment, interest rates, inflation

Hello and welcome to AS USA’s live blog on financial relief and other economic news as the US recovers from pandemic related disruptions. 

Today, the Federal Reserve is expected to increase interest rates by 0.25 percent. A smaller increase is projected in light of the December inflation and employment reports that showed both a decrease in prices and unemployment. 

For those who have not yet received their W-2 from their employer, the deadline for them to be sent has now passed. Be sure to get in touch with the IRS for guidanceon what to do if your current or past employer has not sent this important form. 

The White House plans to sit down with Congressional Republicans and has asked them to provide a budget that details the cuts they would like to make. Both President Biden and President Trump have warned these leaders that cuts to Social Security and Medicare should not be offered as a means to balance the budget. With such high-level opposition in both parties, it seems unlikely that cuts to these popular programs be implemented.