House speaker Nancy Pelosi went after Treasury Secretary Steven Mnuchin on Friday for his decision to end some Federal Reserve COVID-19 emergency lending programs, a move also criticized by many Fed officials. Conway G. Gittens reports.
Democrats in the U.S. House of Representatives on Wednesday voted to keep House Speaker Nancy Pelosi in her job for another two years, despite the Nov. 3 elections in which the party lost seats to Republicans. Colette Luke has the latest.
[NFA] State governors across the United States were more forceful in their warnings, telling residents it was not safe to go out, as COVID-19 infections soared to new records. Conway G. Gittens reports.
[NFA] U.S. Senate Majority Mitch McConnell said on Friday that October's drop in the nation's employment rate showed that Congress should enact a smaller coronavirus stimulus package, but House Majority Leader Nancy Pelosi said, smaller is still not the way to go. Conway G. Gittens reports.
Goldman Sachs has cut its near-term growth forecasts for the United States. Goldman Sachs based this on spiking COVID-19 cases and slowing economic activity. US gross domestic product will grow 3.5% in the fourth quarter, down from the previous forecast of 4.5%. According to Business Insider first-quarter 2021 growth estimate was also lowered to 1% from 3.5%. Goldman Sachs said the winter drag should give way to a bigger rebound on the back of vaccine distribution.
On Monday, Senate Majority Leader Mitch McConnell discussed the impending COVID stimulus package. McConnell said there is "no reason" Congress can't quickly agree a new round of coronavirus stimulus. Business Insider reports that Democrats and Republicans have been at an impasse for months. Republicans wants a smaller deal while Democrats looking for more. Congress is meeting for a short session due to end by Christmas, and also has to avert a government shutdown.
[NFA] President-elect Joe Biden named several women to his top economic policy team on Monday, including former Federal Reserve Chair Janet Yellen as Treasury secretary nominee, setting the stage for diversity and a focus on recovery from the pandemic. Gavino Garay reports.