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2021-02-02

Fed policy makers, like lawmakers, split on need for more fiscal aid

(Reuters) - As the White House and Congressional Democrats press for a $1.9 trillion pandemic relief

Fed policy makers, like lawmakers, split on need for more fiscal aid

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Biden's $1400 payments would come on top of the $600 checks in the package Congress passed in December, and the $1200 checks included in the first round of pandemic relief.</p>\n<p>\"It's very hard to design a government program for the whole U.S. economy that is effectively targeted that doesn't leave lots of people out,\" Kashkari told an online seminar held by Montana’s Bureau of Business and Economic Research. \"The checks are like spraying water against the fire: sometimes you just need water.\"</p>\n<p>RECESSION <a href=\"https://laohu8.com/S/FAR.AU\">FAR</a> FROM OVER</p>\n<p>The United States has been devastated by COVID-19, with more than 26 million Americans infected so far, and more than 441,000 dying in total.</p>\n<p>Despite strength in the housing sector and some other segments of the economy, the recession is far from over. Some 18 million Americans are drawing on some form of unemployment insurance, many in hard-hit service industries like restaurants, travel and hotels.</p>\n<p>Congress and the White House, not the Fed, will decide how much stimulus will be rolled out, but what is actually necessary remains a matter of heated debate.</p>\n<p>West Virginia Governor Jim Justice, a Republican, said he supports more fiscal relief. \"If we actually throw away some money right now, so what,\" he told CNN Monday.</p>\n<p>West Virginia Senator Joe Manchin, a Democrat, has said relief should be targeted to those who need it.</p>\n<p>Atlanta Fed President Raphael Bostic summed up the general confusion Monday.</p>\n<p>\"It is hard for me to say exactly what the right number is. There is so much uncertainty going on right now,\" Bostic told CNBC. \"What I am looking at right now...is what is happening over the next six months, 12 months, and trying to get a sense of where businesses are, get a sense of how families are weathering the storm...and what we'll look like in the summer time when I am hopeful that so much of the vaccine will be through the population.\"</p>\n<p>The White House continued Monday to press for the $1.9 trillion package.</p>\n<p>“The risk is not that it is too big, this package, the risk is that it is too small,\" Jen Psaki, White House Press Secretary, said on Monday ahead of Biden's meeting with 10 Republican Senators proposing a $618 billion relief package. \"That remains his view and it’s <a href=\"https://laohu8.com/S/AONE\">one</a> he’ll certainly express today.”</p>","source":"highlight_streetinsider","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Fed policy makers, like lawmakers, split on need for more fiscal aid</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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Biden's $1400 payments would come on top of the $600 checks in the package Congress passed in December, and the $1200 checks included in the first round of pandemic relief.\n\"It's very hard to design a government program for the whole U.S. economy that is effectively targeted that doesn't leave lots of people out,\" Kashkari told an online seminar held by Montana’s Bureau of Business and Economic Research. \"The checks are like spraying water against the fire: sometimes you just need water.\"\nRECESSION FAR FROM OVER\nThe United States has been devastated by COVID-19, with more than 26 million Americans infected so far, and more than 441,000 dying in total.\nDespite strength in the housing sector and some other segments of the economy, the recession is far from over. Some 18 million Americans are drawing on some form of unemployment insurance, many in hard-hit service industries like restaurants, travel and hotels.\nCongress and the White House, not the Fed, will decide how much stimulus will be rolled out, but what is actually necessary remains a matter of heated debate.\nWest Virginia Governor Jim Justice, a Republican, said he supports more fiscal relief. \"If we actually throw away some money right now, so what,\" he told CNN Monday.\nWest Virginia Senator Joe Manchin, a Democrat, has said relief should be targeted to those who need it.\nAtlanta Fed President Raphael Bostic summed up the general confusion Monday.\n\"It is hard for me to say exactly what the right number is. There is so much uncertainty going on right now,\" Bostic told CNBC. \"What I am looking at right now...is what is happening over the next six months, 12 months, and trying to get a sense of where businesses are, get a sense of how families are weathering the storm...and what we'll look like in the summer time when I am hopeful that so much of the vaccine will be through the population.\"\nThe White House continued Monday to press for the $1.9 trillion package.\n“The risk is not that it is too big, this package, the risk is that it is too small,\" Jen Psaki, White House Press Secretary, said on Monday ahead of Biden's meeting with 10 Republican Senators proposing a $618 billion relief package. \"That remains his view and it’s one he’ll certainly express today.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":492,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":1,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}