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'US risks falling into economic hole without decisive action'
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IANS | 23 Jan, 2021
White House economic adviser Brian Deese said that the US risks falling
into a "very serious economic hole" without decisive action, urging
Congress to approve more Covid-19 relief as soon as possible.
"It's
pretty clear we're at a precarious moment for the virus and the
economy," Deese, who serves as director of the National Economic
Council, said at a White House press briefing on Friday.
"We are
10 million jobs short still of where the economy was when this pandemic
started. Last month, the economy lost jobs for the first time since last
spring," he said, citing the latest data -- another 900,000 Americans
file for weekly unemployment insurance.
"It's a moment that
requires decisive action to beat this pandemic and support the economic
recovery that American families need.
"Without decisive action,
we risk falling into a very serious economic hole, even more serious
than the crisis we find ourselves in," Xinhua news agency quoted the
adviser as further saying.
Noting that President Joe Biden laid
out a comprehensive rescue plan last week, Deese called on Congress to
move quickly to consider this important proposal without delay.
Biden's
$1.9 trillion proposal includes over $400 billion to combat the
pandemic directly such as more funding for testing and vaccine
distribution, roughly $1 trillion dollars in direct relief to
households, and over $400 billion for hard-hit small businesses and
communities.
Despite enthusiasm from the Democrats, the nearly $2
trillion price tag has drawn backlash from some Republican senators,
who have aimed to hold down the overall cost of the economic relief,
especially after the $900 billion bill approved in December 2020.
During
the Senate confirmation hearing of Janet Yellen, Biden's nominee for
Treasury Secretary Senator John Thune of South Dakota said he was
concerned about "the massive amount of debt we are racking up".
Commenting
on the reservations from some Republican senators, Deese told reporters
that the Congress waited for months before taking action, and a lot of
what the $900 billion bill was doing was "filling a hole" in the second
half of 2020 that desperately needed to be filled.
"This is not an issue of Congress acting too much; it's an issue of not acting enough," he said.
Biden
on Friday signed two executive orders, one to expand food assistance to
low-income Americans, and the other to raise minimum wage to $15 for
federal employees.
Stressing that these actions are not a
substitute for comprehensive legislative relief, Deese said the
executive orders will provide a "critical lifeline" to millions of
families.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
84.35
|
82.60 |
UK Pound
|
106.35
|
102.90 |
Euro
|
92.50
|
89.35 |
Japanese
Yen |
55.05 |
53.40 |
As on 12 Oct, 2024 |
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