Yellen says most important thing we can do to get on a path of fiscal sustainability is defeat the pandemic.
“To avoid doing what we need to do now to address the pandemic .. would likely leave us in a worse place fiscally and with respect to our debt situation.”
Yellen on inequality, per transcript of opening remarks:
"People worry about a K-shaped recovery but well before COVID-19 infected a single American, we were living in a K-shaped economy, one where wealth built on wealth while working families fell further and further behind."
Biden's big economic speech mentions:
-Big stimulus ($3 trillion)
-Electric vehicles + 550,000 new charging stations
-1.5 million new affordable housing units
-paid sick leave, paid family leave
-$15 minimum wage
-He's a 'union guy'
McConnell appears to kill any chance of big stimulus by Nov. 3
"Mitch McConnell told Senate Republicans on Tuesday that he has warned the White House NOT to make a big stimulus deal before the election, according to two people familiar with his remarks."
Past 5 days:
Saturday: Trump says they need a stimulus deal.
Tuesday: Trump calls off the talks, then demands vote.
Wednesday: Mnuchin and Pelosi begin airline aid talks.
Thursday: Trump says broader talks are back on.
This is exhausting.
Also in Playbook:
OK, THIS IS THE LAST TIME WE’LL DO THIS. The substance of why Covid relief talks fell apart: 1) The two sides were roughly $1 trillion apart. 2) The GOP on Capitol Hill didn’t want a $2 trillion bill. They wanted an $800 billion to $1.5 trillion bill.
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