McConnell says big stimulus bill not needed after better-than-expected jobs report
After saying a stimulus bill would be the focus when the Senate returns, Senate Majority Leader Mitch McConnell (R-KY) is now suggesting that a small package may be enough given the pace of the economic recovery.
“Our economy is really moving to get back on its feet. That I think clearly ought to affect what size of any rescue package we additionally do,” McConnell told reporters in Kentucky on Friday. “Something smaller, rather than throwing another $3 trillion at this issue, is more appropriate.”
After the October jobs report beat estimates, with the addition of 638,000 jobs and an unemployment rate down to 6.9%, McConnell said this “is a stunning indication of a dramatic comeback of the economy,” paired with the surge in GDP in the third quarter.
Still, the economic recovery is slowing down. More than 10 million jobs have yet to be recovered and 21 million Americans still rely on some type of unemployment benefits, some of which expire at the end of the year.
https://money.yahoo.com/coronavirus-stimulus-mcconnell-big-bill-not-needed-190315249.html
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