America's labor market is years away from healing, the nonpartisan Congressional Budget Office said Monday.
The GOP proposal would significantly narrow eligibility for a new round of $1,400 stimulus checks Biden wants to send to individual Americans.
Republicans chafed openly Thursday over Democrats’ go-it-alone strategy on President Biden’s $1.9 trillion coronavirus relief bill, warning they might come to regret it, even as Democrats formalized plans to move forward on their own.
Only 38 Senate Democrats support the measure, and it is expected to face unified Republican opposition.
Powell’s comments come as Biden administration ups pressure on Congress to pass relief bill with massive funding for vaccines.
In a 2:30 ET press conference, Powell is expected to take questions on the economic outlook, the role of fiscal policy and what more the Fed can do to aid the recovery.
The legislation includes a new round of $1,400 stimulus checks; an increase and extension of emergency unemployment benefits that are set to expire in mid-March; an increase in the minimum wage to $15 an hour; and hundreds of billions of dollars for state and local governments, schools, vaccine production and distribution, increased testing, and more.
The Trump administration also attempted to have the federal government buy more goods made in the U.S.
The former chair of the Federal Reserve faces a daunting list of economic projects.
The private Zoom call Sunday that included key centrist lawmakers from both parties was an early test of whether Biden’s relief plan has a chance of passing Congress with bipartisan backing.
Biden may find he can get a big plan or a bipartisan plan — but not both.
Biden is asking the Department of Agriculture to allow states to increase Supplemental Nutrition Assistance Program (SNAP) benefits — food assistance formerly called food stamps, and to increase by 15 percent benefits awarded through a school meals programs for low-income schools started during the pandemic, according to Biden officials. That could give a family of three children more than $100 in extra benefits every two months, according to administration officials.
Senior Democratic lawmakers are drafting legislation to have the IRS send recurring monthly payments to tens of millions of American families.
Millions of renters are at risk of eviction if the current moratorium is allowed to lapse. Biden will extend it through March.
The U.S. is an outlier for its lack of mandatory paid sick leave. Biden's plan seeks to eliminate loopholes that prevented some 100 million workers from accessing it during the pandemic.
The incoming treasury secretary is expected to face major decisions crucial to the global economy.
Janet Yellen, President-elect Joe Biden’s nominee for treasury secretary, will urge lawmakers to “act big" on economic relief for the coronavirus pandemic as she appears before a Senate committee Tuesday morning for her confirmation hearing.
Democrats are plotting moving the relief package without Republican support, which would leave little room for error.
President-elect Joe Biden will arrive in Washington with an ambitious economic agenda topped with plans to prod Congress to pass a multi-trillion-dollar coronavirus relief bill aimed at stabilizing the teetering economy and halting the pandemic’s spread.
