Amid growing evidence of the damage inflicted on the US economy by the coronavirus pandemic, Senate Republicans on Thursday introduced a $1 trillion emergency stimulus package. Many economists now say the United States is already in a deep recession and in desperate need of federal funds as the latest
1 / 2Economists say US GDP could contract by as much as 14 percent in the second quarterEconomists say US GDP could contract by as much as 14 percent in the second quarter Washington - Amid growing evidence of the damage inflicted on the US economy by the coronavirus pandemic, Senate Republicans on Thursday introduced a $1 trillion emergency stimulus package.
Forecasts now show the world's largest economy will crater, contracting between 12 to 14 percent in the April-June period. But not all his fellow Republicans appear to be on board, with some reportedly opposed to direct payments. Story continuesThey have also demonstrated a spike in workers applying for unemployment insurance, a collapse in manufacturing and a freeze falling over the hot housing market.
The increase was"clearly attributable to impacts from the COVID-19 virus," the department said, noting layoffs in the hotel and food services industries.
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