The U.S. Congress is in position to spend big on coronavirus relief efforts because the nation's budget gap can be financed without relying on foreign borrowing, given how much Americans are saving, a top Federal Reserve official said on Sunday.
FILE PHOTO: Minneapolis Federal Reserve Bank President Neel Kashkari poses during an interview with Reuters in his office at the bank's headquarters in Minneapolis, Minnesota, U.S., January 10, 2020. REUTERS/ Ann Saphir
WASHINGTON - The U.S. Congress is in position to spend big on coronavirus relief efforts because the nation’s budget gap can be financed without relying on foreign borrowing, given how much Americans are saving, a top Federal Reserve official said on Sunday. “Those of us who are fortunate enough to still have our jobs, we’re saving a lot more money because we’re not going to restaurants or movie theaters or vacations,” Neel Kashkari, president of the Minneapolis Federal Reserve Bank, told CBS’ “Face the Nation.”
“That actually means that we have a lot more resources as a country to support those who have been laid off,” he said.
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