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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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Harvest Prude

Harvest is a political reporter for WORLD's Washington Bureau. She is a World Journalism Institute and Patrick Henry College graduate. Harvest resides in Washington, D.C. Follow her on Twitter @HarvestPrude.

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    Posted: Thu, 05/14/2020 04:52 pm

    No more bailouts! Get people back to work!

  • Cyborg3's picture
    Posted: Fri, 05/15/2020 10:24 am

    Amen sister! We think government spending is the answer when all we are doing is bankrupting our children. The most efficient way to move forward is by both taking precautions against the Covid-19 and opening up businesses and schools.