The better-than-expected U.S. jobs report for May likely will hinder the push for another big coronavirus relief package, but divided Washington probably still will deliver an additional aid measure in July, analysts said Friday.
The better-than-expected U.S. jobs report for May likely will hamper the push for another big coronavirus relief package, but divided Washington probably still will deliver an additional aid measure in July, analysts said Friday.
“There is a lessening of the crisis mentality forcing Republicans to act,” Ben Koltun, a senior research analyst at Beacon Policy Advisors, told MarketWatch in an email. “The GOP would have been hard pressed to say they weren’t going to support major legislation when unemployment is above 20 percent, rivaling the depths of the Great Depression. With the stock market nearly recovered and businesses and employment on the upswing, the necessity for quick action dissipates.
The next package has been called Washington’s “Phase 4” response to the coronavirus crisis as it would follow April’s $484 billion “Phase 3.5” measure, which came after the $2.2 trillion CARES Act that passed in late March. Before that, Washington delivered a mid-March package costing an estimated $192 billion, and an $8 billion measure that was finalized in early March.
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