"The Republicans are playing with the lives of 30 million people, not to mention the recovery of the entire USA economy".
"On balance, it looks like the data are pointing to a slowing in the pace of the recovery", Federal Reserve Chair Jerome Powell said during a news conference Wednesday.
On Thursday, the Commerce Department announced that the US economy shrank at a record-shattering 32.9% annual rate last quarter.
Why it matters: More than 32 million Americans are now receiving some form of unemployment benefits, according to the most recent Labor Department data.
"The policy response to this should be clear", Josh Bivens, research director at the Economic Policy Institute, wrote in a blog post Thursday.
Pressed by a reporter on Tuesday over the funding, McConnell responded by saying he hopes that anything not directly related to Covid-19 will be stripped out before a new relief measure is enacted. "It's not a deal breaker, what the priority here is unemployment benefits as the President said and that is the ultimate priority", she said Wednesday, adding that the President "fought hard" for a payroll tax cut and that unemployment benefits being extended are "paramount". "Malpractice" is far too weak a word for this epic, cruel failure". "You'll have to ask them why they insisted that be included".
To get a better sense of the ramifications, Inc. asked several economists to opine on what no deal looks like for the economy and US businesses. It lapsed last week and the Aspen Institute estimates up to 23 million people could face eviction by October.
epa08559298 White House Chief of Staff Mark Meadows walks through the Capitol Rotunda before a meeting with US Speaker of the HouseNancy Pelosi and Senate Minority Leader Chuck Schumer, on Capitol Hill in Washington, DC, USA, 21 July 2020.
Older computer systems that took weeks to set up for the initial federal unemployment enhancement would need to be reprogrammed again twice under the GOP plan. The roughly 30 million people who have lost their jobs since the start of the pandemic, she says, mostly inhabited high-contact positions like those in the restaurant and hospitality businesses.
Because the eviction moratorium also expired at the same time, many Americans are also facing another looming crisis - those unable to pay rent by the end of the month may be kicked out of their homes. Elizabeth Warren. "Congress can-and must-prevent this catastrophe".
Senate Republicans are rejecting a White House-backed plan to tuck money for the design and construction of a new Federal Bureau of Investigation headquarters into the latest coronavirus relief bill despite including the funding in a GOP proposal released on Monday.
Democrats, who have rallied around a $3 trillion House bill passed in May, attacked Republicans Monday over the continued delays.
The timing of the restoration has proved controversial to some, who shared their concern over how the project would be funded given the current economic problems the U.S. is experiencing amid the coronavirus pandemic. Then they introduced a bill that is bad, stupid, and unworkable.
On the fiscal side, while there's some common ground on issues like small business aid, stimulus checks for individuals and money to expand coronavirus testing and eventual vaccine distribution, there are major hurdles to any potential compromise.
"The Republicans are playing with the lives of 30 million people", Beyer added, "not to mention the recovery of the entire US economy".