House Democrats reject White House stimulus offer as ‘grossly inadequate’
Nancy Pelosi offered to double the amount of federal aid to citizens and businesses
House Speaker proposes CARES 2 – another emergency economic package
House Speaker Nancy Pelosi announced the need to increase budget spending to combat the consequences of the coronavirus pandemic in the United States. This is stated in the statement of the speaker, published on Friday..
“The numbers are appalling: 6.6 million jobless claims, 700,000 lost jobs, according to the March labor market report, more than 245,000 confirmed cases of coronavirus and 6,000 deaths,” Pelosi said..
In her opinion, the expansion of the pandemic requires doubling public spending on the fight against the virus and its consequences..
Last week, President Donald Trump signed into law the CARES Act to provide a record $ 2.2 trillion in aid to the American economy. Pelosi today proposed a second such law, CARES 2, to “meet the needs of the American people.”.
The speaker considers it necessary to further help small businesses, the issuance of unemployment benefits and the provision of benefits to families in vulnerable situations.
“We must also provide badly needed resources for our hospitals, community health centers, health systems and healthcare workers … We cannot defeat this virus unless we are more determined to support state and local governments with significantly more resources.” believes Nancy Pelosi.
In addition, the speaker proposed to take measures to restore infrastructure in order to “eliminate some of the critical vulnerabilities in America, identified as a result of the outbreak of coronavirus.”.
The US Department of Labor released its March labor market report on Friday. The report said employers cut 701,000 jobs last month, raising the unemployment rate to 4.4%, up from 3.5% in February. This was the largest monthly increase in unemployment since January 1975..
That being said, Friday’s report does not reflect the millions of applications for unemployment benefits that were filed in the last two weeks of March due to the coronavirus pandemic. These numbers will be reflected in the April report.
On Thursday, the Congressional Budget Office released a forecast for the state of the economy. It says unemployment will soon rise above 10% and gross domestic product will contract by 7% in the second quarter..
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