House Democrats hope to pass the latest version of a coronavirus relief package scheduled for a vote on Friday, and while 68 percent of Americans, including 37 percent of Republicans, support the $1.9 trillion package, it is still seeing a backlash from some GOP members of Congress.
Of those contesting the bill in its current state is Rep. Jason Smith (R-Mo. 8th District), who claims it does not provide enough funds to support efforts in fighting COVID-19.
"This one could be bipartisan if you actually had the stimulus checks and the health care spending to crush the virus, but instead, if you take out the stimulus checks out of this package, more than half of the $2 trillion will not even be spent until the year '22 or after," Smith alleged.
As it stands, the bill includes $1400 stimulus checks, $20 billion for vaccine funding, and a $15 federal minimum wage hike that would help some 900,000 Americans escape poverty, according to the Congressional Budget Office. However, for Smith and some of his GOP colleagues, the change to the minimum wage should remain off the table, stating that such decisions should be left up to states and not dictated by the federal government.
"Thirty-one million Americans, senior citizens, who live solely on fixed income from their social security checks, when you raise the minimum wage to $15, that increases the cost of goods that they have because they're not getting an increase," he claimed, arguing that some would eventually have to make tough spending decisions such as on rent, food, or medicine.
Notably, Smith's home state of Missouri, in a 2018 initiative, did vote to raise its own minimum wage to $12 by 2023. The congressman said that he supported the effort and explained that the "government that's closest" to the people should have the final say.
While the Missouri representative doesn't back the current version of the bill, he said he does support more individual stimulus payments.
"In December I voted for $2,000 direct stimulus checks to the American taxpayers, and I'll tell you, the other five packages were bipartisan," Smith said.
However, regarding the House bill as a whole, the congressman accused it of being a "slush fund" for those closest to President Biden and historically Democratic states. "Look at all the money going to blue states such as California and New York. It's unacceptable," he said. "The money needs to go to the American people, but instead it's hurting the American working class."
Federal Reserve Chair Jerome Powell on Tuesday signaled a cautious approach to future interest rate cuts, in sharp contrast with other Fed officials who have called for a more urgent approach. In remarks in Providence, Rhode Island, Powell noted that there are risks to both of the Fed’s goals of seeking maximum employment and stable prices. His approach is in sharp contrast to some members of the Fed’s rate-setting committee who are pushing for faster cuts.
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The Federal Reserve cut its key interest rate by a quarter-point Wednesday and projected it would do so twice more this year as concern grows at the central bank about the health of the nation’s labor market. The move is the Fed’s first cut since December and lowered its short-term rate to about 4.1%, down from 4.3%. Fed officials, led by Chair Jerome Powell, had kept their rate unchanged this year as they evaluated the impact of tariffs, tighter immigration enforcement, and other Trump administration policies on inflation and the economy. The only dissenter was Stephen Miran, the recent Trump-appointee.
After a late-night vote and last-minute ruling, the Federal Reserve began a key meeting on interest rate policy Tuesday with both a new Trump administration appointee and an official the White House has targeted for removal.
The Trump administration has issued its first warnings to online services that offer unofficial versions of popular drugs like the blockbuster obesity treatment Wegovy.
Albania's Prime Minister Edi Rama says his new Cabinet will include an artificial intelligence “minister” in charge of fighting corruption. The AI, named Diella, will oversee public funding projects and combat corruption in public tenders. Diella was launched earlier this year as a virtual assistant on the government's public service platform. Corruption has been a persistent issue in Albania since 1990. Rama's Socialist Party won a fourth consecutive term in May. It aims to deliver EU membership for Albania in five years, but the opposition Democratic Party remains skeptical.
The Trump administration has asked an appeals court to remove Lisa Cook from the Federal Reserve’s board of governors by Monday, before the central bank’s next vote on interest rates. Trump sought to fire Cook Aug. 25, but a federal judge ruled late Tuesday that the removal was illegal and reinstated her to the Fed’s board.
President Donald Trump's administration is appealing a ruling blocking him from immediately firing Federal Reserve Gov. Lisa Cook as he seeks more control over the traditionally independent board. The notice of appeal was filed Wednesday, hours after U.S. District Judge Jia Cobb handed down the ruling. The White House insists the Republican president had the right to fire Cook over mortgage fraud allegations involving properties in Michigan and Georgia from before she joined the Fed. Cook's lawsuit denies the allegations and says the firing was unlawful. The case could soon reach the Supreme Court, which has allowed Trump to fire members of other independent agencies but suggested that power has limitations at the Fed.
Chief Justice John Roberts has let President Donald Trump remove a member of the Federal Trade Commission, the latest in a string of high-profile firings allowed for now by the Supreme Court.
