WASHINGTON – The House is putting the final touches on its Phase 4 stimulus proposal. The bill expected to have $750 billion in aid for state and local governments. It will also include another round of direct payments to households, according to the Wall Street Journal. Democrats also want to increase testing capabilities. The bill is expected to be ready to be voted on at some point next week.
However, Republicans are trying to pump the breaks on new coronavirus bills. House Minority Leader Kevin McCarthy was out saying that new coronavirus legislation should be held off until Congress gets an idea for how the current stimulus packages are helping the economy.
McCarthy added that Congress needs to make sure the $3 trillion currently approved is adequately implemented and the money goes to the right places. He also said that the reopening of states could lessen the need for future stimulus packages.
This follows the tone of other Republican leaders, namely Senate Majority Leader Mitch McConnell, who wants to “pause” future stimulus until the impacts of current measures are known.
The Bank of England left rates unchanged, as expected. But the central bank voted to continue its $250 billion corporate bond purchase program. This brings the central bank’s asset purchases to nearly $800 billion. And some of the governors were in favor of increasing the program by $125 billion. And, like other central banks so far, the Bank of England said it stands ready to take further action if needed.