The International Monetary Fund on Thursday authorized a $650 billion expansion of the 190-nation lending institution's resources with the aim of providing more support for vulnerable countries as they battle the coronavirus pandemic.
The expansion of the child tax credit, along with other measures, will cut childhood poverty in half this year, according to an analysis done by the Center on Poverty and Social Policy at Columbia University.
The two officials struck upbeat notes on the future of the economy in their prepared testimony Tuesday before the House Financial Services Committee while cautioning that the economy still needs help.
Officials at the Treasury Department briefed reporters Thursday on the efforts they are planning, including highlighting a provision in the measure that expands the child tax credit.
Janet Yellen, the first woman to head the U.S. Treasury Department, says women seeking to pursue careers in economics face a number of obstacles.
Manufacturers are reportedly benefiting from a shift in spending, with Americans spending money on homes and other projects rather than going out to restaurants or risking shopping indoors.
Powell also warned Wednesday that many who had worked in industries hardest hit by the pandemic and ensuing recession will likely need to find different jobs.
Treasury Secretary Janet Yellen says America has some "tough months ahead" in dealing with the coronavirus pandemic and for that reason it is critical that Congress pass President Joe Biden's $1.9 trillion relief package.
U.S. consumers slowed their spending by 0.2% in December, cutting back for a second straight month in a worrisome sign for an economy struggling under the weight of a still out-of-control pandemic.
Stuck in the grip of a viral pandemic, the U.S. economy grew at a 4 percent annual rate in the final three months of 2020 and shrank last year by the largest amount in 74 years.
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