The U.S. government officials inform the public that if more funds are not allocated to the relief package of the coronavirus, it will become very hard for the economy to bounce back.
A lot of argument has taken place between the Democrats and the Republicans, but they have failed to come to a conclusion. It doesn’t look like that another relief package would be announced before the elections.
This could slow down the economic recovery process, which would hurt Americans eventually.
The ex-federal chairman said that if something is not done now, they will have to face delayed economic growth.
The speaker of the United States House of Representatives, Nancy Pelosi, said that it is very unlikely that any more relief funds can be drawn before the elections and the government has failed to play its part.
While Trump thinks that the package proposed by Pelosi is insufficient and doesn’t take into account various factors.
The funds would soon expire and there are families struck by this pandemic that would still need the fund. With the second wave of COVID-19 already being there, these families need funds more than ever.
But the picture does not look so promising with the current relief fund ending without properly compensating the affected families.
Both the leading parties are unable to agree regarding the magnitude of new funds or if the taxes should be reduced for the middle and lower-class families.
The chairman of the Federal Reserve has been urging the parties to come to a new agreement. He said that by overestimating and overdoing, they won’t be harming the general public as much as they would if they overlook it. To make recovery faster, this is a chance they will have to take.
Senator McConnell says that the relief fund agreement should not be signed with Pelosi since they need a bigger and better package.
Some economic experts are worried that if a deal doesn’t get approved now, this whole process would shift till February next year since it would be unlikely that the new government would prioritize doing this instead of putting their house in order.