WASHINGTON, D.C. (NBC News) – Federal Reserve Chairman Jerome Powell warned Wednesday the economic damage could become permanent if Congress doesn’t act quickly with more relief money.
“Deeper and longer recessions can leave behind lasting damage to the productive capacity of the economy,” Powell said.
His warning comes as states continue to struggle with plans for relaxing coronavirus guidelines and reopening businesses.
Additional guidelines could come from the Centers for Disease Control, which drafted a blueprint for reopening that’s been on the shelf since the White House ordered a rewrite, reportedly calling the rules too broad and restrictive.
Meanwhile, troubling new data shows the crisis shifting to America’s heartland. An unpublished Coronavirus Task Force report obtained by NBC News finds the top 10 areas with the largest weekly increase in cases are in the Central and Southern regions.
House Democrats are planning to vote Friday on a $3-trillion dollar emergency relief package, including another round of stimulus checks to Americans.
Republican leaders have already said they won’t go along with the plan because they want to wait to see whether the first aid packages were effective.
Read more: https://nbcnews.to/2Z1ydFu
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