With that chaotic backdrop, lawmakers crafted a relief package that's "throwing out a lot of money in all different directions because it's hard to target the money in a timely way," according to Diane Lim, a former economist at the White House Council of Economic Advisers who now works at the Penn Wharton Budget Model.
"One of the problems in the response last time is that many in Congress, especially Republicans, just grew tired of fiscal stimulus and we stopped it too soon," Jason Furman, Obama's former top economist,Lim said given the scope of the federal response so far, she believed "once this is all over, there will be a larger role of government in this country."
Elements of the relief package triggered significant backlash among progressives. Democratic Rep. Alexandria Ocasio-Cortez of New York on Fridaywho sought emergency federal aid to large businesses to prevent them from going bankrupt. Many states are expected to get economically slammed as a surge of people seek unemployment benefits and tax revenue drops due to lower business activity.
Lim said another round of emergency relief would likely be more "targeted" instead of the fiscal bonanza of the $2 trillion legislation.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coronavirus: How $2 trillion stimulus bill could help movie theaters - Business InsiderMovie-theater owners are optimistic that the $2 trillion stimulus bill will help their industry as it feels the impact of the coronavirus
Source: BusinessInsider - 🏆 729. / 51 Read more »
Who would get what and when from the $2 trillion relief package'What kind of value system is that?' Sen. Bernie Sanders slams GOP colleagues while debating $2 trillion relief package for the novel coronavirus, characterizing their efforts as favoring businesses over low-income individuals. TheView Put a stop on our bills until this over the big companies can bill the government when this is over COVID19 Let's be realistic, if you give every person on minimum wage an extra 1,000 each month it won't stay in their bank, it will be spent because they are still relatively poor, that money will go directly into stimulating the economy before arriving in the wallets of the rich anyway. TheView Hay ABC, It’s worse than THAT! As millions of people are being laid off and filing for unemployment, this means their Company Sponsored Healthcare Insurance is GONE! Now on top of 30 million uninsured Americans, you now have Millions More and COUNTING!
Source: ABC - 🏆 471. / 51 Read more »
Pelosi expects bipartisan House vote for $2 trillion coronavirus bill FridayHouse Speaker Nancy Pelosi said she expected a bipartisan House vote for a $2 trillion economic stimulus bill on Friday ونةتىالالربللااىتةنتىالالر Strong work Pelosi 👉🏻🦠🤧👍😷
Source: Reuters - 🏆 2. / 97 Read more »
Record Industry Applauds $2 Trillion Coronavirus Stimulus
Source: billboard - 🏆 112. / 63 Read more »
By The Numbers: Here’s What The Senate Approved In $2 Trillion Stimulus PackageAirlines, hospitals and American workers, among other sectors, would receive funds from the largest stimulus package in U.S. history. lisettevoytko
Source: Forbes - 🏆 394. / 53 Read more »