(NewsReady.com) – As the Democrats tout their new $3 trillion Heroes Act, they’ve found a new cheerleader: Federal Reserve Chairman Jerome Powell. He’s urging Congress to pass another stimulus bill to fight the damage COVID-19 is wreaking on the economy. The chairman gave a video statement to CNBC Wednesday, May 13.
Powell said “additional fiscal support could be costly, but worth it” if it helps to curb the long-term impact and aids in rebuilding the US economy. The Fed chairman believes that bailouts now will pave the way towards a smoother economic recovery later.
President Donald Trump hasn’t voiced support for another stimulus, however. And, Republicans want to wait and see because although the bills may seem like a good idea now, there’s a catch. That money has to come from somewhere, and that somewhere is the Federal Reserve. So, it’s only natural that Powell is in favor of more spending if it means the government has to borrow money and go further into debt with his agency. Great for him, not great for the country.
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