The nation’s top banking watchdog is worried that not enough money has been dropped into the nation’s economy….
While US Senate Leader McConnell had been talking about waiting for another money bill?
THAT is NOT gonna be the case…
For this bill though?
Lawmakers have tried dropping a little bit of everything in the mix….
They will have to withdraw a lot of the extra’s to get something to vote on…
Federal Reserve Chairman Jerome Powell on Wednesday urged Congress to consider another ambitious fiscal rescue package, warning that the economy may need further support to avoid a cycle of business failures, job losses and bankruptcies well after the pandemic passes.
In a Wednesday speech, Powell said the U.S. could suffer serious long-term economic damage from the coronavirus pandemic and called on policymakers to do whatever they can to foster a strong recovery—regardless of the cost.
“The recovery may take some time to gather momentum, and the passage of time can turn liquidity problems into solvency problems,” he said during remarks before an interview with the Peterson Institute for International Economics.
“Additional fiscal support could be costly, but worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery,” he continued. “This trade-off is one for our elected representatives, who wield powers of taxation and spending.”
Powell’s latest call for fiscal stimulus comes as Republican lawmakers grow increasingly wary of adding to the roughly $3 trillion already spent by Congress to support the economy. House Democrats on Tuesday proposed another massive $3 trillion economic rescue and COVID-19 response package that Republicans promptly declared dead on arrival….