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Calls Grow For Pelosi, Schumer Accepts A Smaller Initial Stimulus Agreement

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Calls are mounting for Democratic figureheads to accept a smaller relief package if necessary and push for more later amid the ongoing COVID-19 crisis, despite their continued insistence Republican proposals are insufficient.

Former Chairman of the Council of Economic Advisers Austan Goolsbee, who advised the Obama administration, told CNN that he feels something needs to be done soon in order to prevent a potential double-dip recession.

“There are a lot of people really hurting in the country, I hope that they can agree on something soon,” Goolsbee, who was also chief adviser for the Economic Recovery Advisory Board established during Obama’s presidency, said.

After being asked if Democrats should accept a smaller package before the end of the year, amid the ongoing stalemate over stimulus, Goolsbee said they should potentially take less now and push for more down the line.

“I know everyone calls it stimulus and its sort of a pedantic point but this isn’t stimulus, this literally just relief money until we can get the furnace back on. We have to do this. It’s not jumpstarting growth it’s just keeping people from being evicted, keeping businesses from shutting down permanently from what was supposed to be a temporary shock. And I think it’s important,” he said.

“So if they have to accept half a loaf, then I think they should accept half a loaf and then let’s try to get another half of a load. But right now is really touch and go and I wish both sides could see that.”

Goolsbee joins a raft of economists who have pushed for further stimulus action to be taken.

Statista

Correction 11/30/2020: This page has been corrected to say the size of Mitch McConnell’s stimulus proposal is $500 billion.

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