Trump wants additional targeted relief: Tyler Goodspeed
Council of Economic Advisers Acting Chairman Tyler Goodspeed weighs in on U.S. economic recovery and coronavirus relief.
Senate Majority Leader Mitch McConnell, R-Ky., called on Democrats to support a targeted coronavirus package, as he noted an uptick in virus cases throughout the U.S.
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“I hope our Democratic colleagues will finally put aside their all or nothing obstruction and let the targeted pandemic relief – targeted pandemic relief is what we need – let it move forward,” McConnell said during a speech on the Senate floor on Monday.
Republicans and Democrats were unable to reach an agreement on additional coronavirus stimulus relief measures in the run-up to the November election, after disagreements over numerous spending issues – like funding for state and local governments – proved irreconcilable.
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Democrats have largely opposed Republicans’ targeted aid, advocating instead for a larger package.
Republicans put forward a $500 billion bill last month that did not pass a vote in the Senate.
The Trump administration put forward an offer as high as $1.8 trillion, which was rejected by House Speaker Nancy Pelosi, D-Calif.
Democrats unveiled a $2.2 trillion plan in September, which did not have Republican support.
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On a positive note, McConnell cited strength in the U.S. economy – as the unemployment rate fell to 6.9% in October and the U.S. created an additional 638,000 jobs.
The Kentucky Republican said experts had previously projected that the U.S. would be battling double-digit unemployment figures through the end of 2020, after 22 million jobs were lost earlier this spring.
He credited the “strong economic foundation” laid by Congress and the Trump administration over the past three years, as well as the “incredible resilience” of the American public.
Despite those gains, McConnell said relief is needed because “too many Americans are still suffering economically.”
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