Negotiations on the next coronavirus aid package remained stalled today, and people close to the talks don’t expect any movement this week – perhaps even for the rest of the month
: The White House still wants a larger deal, despite major differences with Democrats on the price tag and what new legislation would include.
If no deal is reached and with questions looming over Trump’s executive actions, the economy may wind up without more fiscal support just as the recovery from the depths of the Covid-19 collapse appears to be flagging.as fresh virus breakouts spread in multiple states and reopening plans had to be curtailed. So far, the U.S. has added back only around 9 million of the 22 million jobs lost since the crisis began.
“It’s unclear where we go from here. The recovery may be ongoing but downside risks absent further stimulus are significant,” said Rubeela Farooqi, chief U.S. economist at High Frequency Economics. “Expiring support is coming against a backdrop of virus containment that is already slowing down activity. Without additional help, incomes and spending will surely retrench. That in turn will have implications for business profitability and jobs.
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