'What Congress has done to date has been remarkably timely and forceful,' Jerome Powell told senators. 'I do think we need to take a step back and ask over time: Is it enough?'
Federal Reserve head Jerome Powell suggested Tuesday that more funding for state and local governments may be needed to avoid a more arduous road to economic recovery from the coronavirus pandemic.
Powell's testimony came amid an ongoing partisan political debate centered on whether state and local governments need more relief than the $150 billion they have already received so they can supplement budget shortfalls and maintain local government employees, such as teachers and first responders. Congress has so far appropriated about $3 trillion in response to the global health crisis that has brought Depression-era unemployment numbers in the United States.
Federal Reserve Chairman Jerome Powell announces a half percentage point interest rate cut during a speech on March 3.House Democrats on Friday narrowly passed their own spending package, worth $3 trillion, that includes another $1 trillion for state and local governments. However, it lacks Republican support. GOP senators remain split on doling out more municipal relief.
Some lawmakers from both sides of the aisle are joining forces to try and take matters into their hands. Citing the"only bipartisan path forward to providing states and communities badly needed, direct federal assistance," bipartisan groups in both chambers have introduced legislation to provide $500 billion for state and local governments.
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