The US Congress is in position to spend big on coronavirus relief efforts because the nation's budget gap can be financed without relying on ...
WASHINGTON: The US Congress is in position to spend big on coronavirus relief efforts because the nation's budget gap can be financed without relying on foreign borrowing, given how much Americans are saving, a top Federal Reserve official said on Sunday .
"Those of us who are fortunate enough to still have our jobs, we're saving a lot more money because we're not going to restaurants or movie theatres or vacations," Neel Kashkari, president of the Minneapolis Federal Reserve Bank, told CBS'"Face the Nation.""That actually means that we have a lot more resources as a country to support those who have been laid off," he said.
The Democratic-led US House of Representatives approved a US$3 trillion relief bill in May, while Senate Republicans, many of whom have expressed concerns about mounting debt, countered by proposing a US$1 trillion aid package last week.In an interview with ABC's"This Week" on Sunday, Treasury Secretary Steven Mnuchin said President Donald Trump would spend what was needed, but that the deficit was a factor.
Kashkari took a different view, stressing both the high level of domestic saving and historically low interest rates. "I'm not worried about it," he said."Congress should use this opportunity to support the American people and the American economy."
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