Weekend News Bytes — March 16, 2020

Weekend News Bytes — March 16, 2020

(AmericanProsperity.com) – This weekend was a busy one — the coronavirus bill passed by the House may be in trouble already and a former Environmental Protection Agency (EPA) chief of staff is returning with plans to attack socialist Democrats. Finally, on Sunday the Federal Reserve made a sudden and unexpected move to drop interest rates to zero and restart quantitative easing.

Coronavirus Bill May Be in Big Trouble?

The coronavirus bill passed by the House early Saturday morning was supposed to be easy. It may be anything but, though, as problems popped up on the horizon in the Senate.

First, the House will need to clean up some issues with the bill before the Senate can take it up — that should occur this week. However, any objection by a lawmaker could stall the bill in the House, and that’s the last thing we need.

Second, when the Senate adjourned on Thursday, there was no coronavirus bill and, therefore, nothing was scheduled for the Senate’s review. Right now, a FISA bill is on the Senate’s agenda, which means voting on the coronavirus bill is on hold until they vote on the FISA bill. That could take a week or more to accomplish.

Finally, several Senators don’t like parts of the coronavirus bill the House passed, particularly the absence of provisions for small businesses. If the Senate makes changes, it will have to work with the House to negotiate a final bill before it can head to the president’s desk.

It may be a few weeks before Congress can agree on a bill that will help Americans who are struggling due to the impact of coronavirus on their everyday life. These few weeks are already critical for many Americans who have had their jobs put on hold.

New EPA Chief of Staff Attacks Democrats

New EPA Chief of Staff Mandy Gunasekara is returning to the agency she left in early 2019. Gunasekara is blasting Democrats after they raised concerns last week in an Environmental and Public Works Committee hearing about her ethics and impartiality.

The top Democrat on the committee, Sen. Tom Carper (D-DE), referenced a February 2019 tweet in the hearing where Gunasekara said the “looney left” sought a “Soviet-takeover of our energy and economy.”

Gunasekara blasted back saying, “if Democrats don’t want to be called socialist, they should stop putting out socialist-aligned policies.”

Federal Reserve Cuts Interest Rates to Zero

On Sunday, the Federal Reserve abruptly cut interest rates to zero and will buy $500 billion of Treasury securities and $200 billion, or more, of mortgage-backed securities.

In a statement on Sunday, the Fed stated that communities have been economically harmed by the coronavirus outbreak. By acting, the Federal Reserve is trying to help the economy and is expressing its concern that, over the coming months, the outbreak will depress economic growth. The virus may cause a recession if its impact goes unchecked.

The Fed’s primary concern is seeing to the well-being of America’s economy.

~Here’s to Your Prosperity!

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