Fed chairman calls for more spending
by Harvest Prude
Posted 5/14/20, 01:01 pm
Federal Reserve Chairman Jerome Powell warned that without action, the United States may face a prolonged recession due to the coronavirus pandemic. Powell said the Fed will do what it can, but he urged Congress and the White House to approve additional financial relief for individuals and businesses.
How are lawmakers responding? This week, House Democrats unveiled a $3 trillion stimulus package to provide state and local aid, unemployment insurance, direct payments to taxpayers, and much more. Republicans called the bill a non-starter, citing unrelated provisions for elections and humanities funding. Senate Majority Leader Mitch McConnell, R-Ky., said GOP lawmakers would work on more “narrowly targeted legislation, if and when we do legislate again.” The House is likely to vote on the act on Friday.
Dig deeper: Read my report in The Stew about the conservative shift toward more government spending.
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