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Added on the 01/12/2020 15:51:37 - Copyright : Wochit
McConnell backed Treasury's Mnuchin in his extraordinary clash with the Federal Reserve. Both want Congress to reallocate unspent stimulus funds to support small businesses. "American workers should not lose their jobs needlessly when a second round of the job-saving Paycheck Protection Program for the hardest-hit small businesses would make a huge difference." Senate Majority Leader Mitch McConnell issued a statement on Friday afternoon. His supporting Treasury Secretary Steven Mnuchin's call is not surprising. The call is for Congress to repurpose unspent stimulus money, reports Business Insider. It also backs the Trump administration in its extraordinary clash against the Federal Reserve.
Fed Chair Jay Powell warned on Tuesday that the US economy would suffer if another stimulus package isn't passed, which remains stalled in Congress. House Democrats passed a $2.2 trillion stimulus plan earlier this month, but Sen. Majority Leader Mitch McConnell (R-Ky.) called the amount 'outlandish.' Too little support would lead to a weak recovery, creating unnecessary hardship for households and businesses. Jay Powell Chair, US Federal Reserve But according to Business Insider, White House economic advisor Larry Kudlow said Sunday that he doesn't agree with that assessment. We are in a strong rebound. Businesses are reopening. We are learning to deal with the virus in a targeted, safe, prevented way. White House Economic Adviser Larry Kudlow Interview, CNN's 'State of the Union'
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Around a hundred activists protest against the G7 Ministers' Meeting on Climate, Energy and Environment by blocking the highway and letting off smoke flares in Turin for about 30 minutes. The meeting begins Sunday evening. IMAGES