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Washington DC More spending in the pipeline
President Biden’s administration is “crafting a plan” for another economic stimulus package “that could cost as much as $3trn”, say Ken Thomas and Andrew Duehren in The Wall Street Journal. The extra spending would focus on infrastructure projects and environmental initiatives as well as education. The package would also extend the newly expanded child tax-credit scheme set to expire at the end of the year. However, the package could “face a difficult path through the narrowly divided Congress, and Democrats aren’t all in agreement on how [to proceed] with their spending... proposals”. Federal Reserve chairman Jerome Powell insisted on Tuesday that “the effect on inflation” from the current $1.9trn stimulus package “will be neither
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