The U.S. Federal Reserve and Congress moved swiftly to confront the growing coro...
WASHINGTON - The U.S. Federal Reserve and Congress moved swiftly to confront the growing coronavirus threat this week, as the central bank propped up the economy and the House and Senate approved $8.3 billion for vaccine development and other steps to contain the virus.
Those measures could carry a heftier price tag, and could prove more divisive than the initial package, which passed Congress with overwhelming bipartisan support. The response so far falls far short of the $65 billion Washington spent after the Sept. 11, 2001, attacks, or the $51 billion approved after the Sandy superstorm that devastated New York and New Jersey - let alone the tax cuts and spending measures approved to prop up the U.S. economy in the Great Recession of 2007-2009, which together cost nearly $1 trillion.
That would likely require approval in Congress, where Democrats have floated additional spending, not tax cuts, to help people who lose their jobs or are forced to miss work without pay.
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