WASHINGTON - The US Congress is in position to spend big on coronavirus relief efforts because the nation's budget gap can be financed without relying on foreign borrowing, given how much Americans are saving, a top Federal Reserve official said on Sunday .
"That actually means that we have a lot more resources as a country to support those who have been laid off," he said. "There's obviously a need to support workers and support the economy," he said."On the other hand, we have to be careful about not piling on enormous amount of debts for future generations."
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