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May 18, 2020

Economy in crisis: more virus aid or wait and see?

  • Republicans hope easing stay-home orders will kick-start the economy and reduce the need for more aid.
    Associated Press

    WASHINGTON — The unparalleled speed of the collapse of the U.S. economy, forcing more than 36 million Americans out of work, has left an all-too-common political divide, with many Republicans seeing reasons to believe the worst is over while Democrats call for more aid to stave off a possible depression.

    After approving nearly $3 trillion to help stem staggering losses for businesses and workers, Republicans say they want to see if that aid is sufficient as unemployment claims slow and shelter-in-place orders are eased. But House Democrats argue that another $3 trillion rescue package is urgently needed or the crisis will worsen and workers could suffer permanent dislocation, a view shared generally by Federal Reserve Chairman Jerome Powell.

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