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Added on the 11/10/2019 20:15:03 - Copyright : AFPTV - First images
US Treasury Secretary Janet Yellen says sanctions are hurting Russia badly, as she and other G7 finance chiefs gather to discuss further measures on the eve of the first anniversary of the Ukraine invasion. "The way I see it, our sanctions have had a very significant negative effect on Russia so far. While by some measures the Russian economy has held up better than might initially have been expected, Russia is now running a significant budget deficit," Yellen says ahead of a Group of 20 meeting in India. SOUNDBITE
Former President Donald Trump granted extended Secret Service protections to his four adult children. This is also extended to their spouses, according to Business Insider. He made this move before he left the White House in a last effort of wielding power. This expensive, full-time security detail is an unexpected move for most. The extended security detail could cost taxpayers millions of dollars. Given the amount of traveling that the Trump children do, the cost could be astronomical.
$600 stimulus checks may be direct deposited as early as Tuesday night. This news comes from US Treasury Secretary Steven Mnuchin, says Business Insider. The $600 is part of the $900 billion coronavirus relief package signed by President Trump. However, the checks were deemed meager by most Democrats and the president himself. The money will hopefully provide a needed boost to the economy slammed by the pandemic. The checks may also prove not to be the last round of economic assistance.
Treasury Secretary Steven Mnuchin said the Trump administration was aiming to deliver aid more efficiently. Business Insider reports that Mnuchin's plan is one-time stimulus checks instead of weekly federal unemployment benefits. "We view this as a more effective way to get the money out quickly." Economists say that replacing a weekly federal benefit with a one-time $600 payment would be a less efficient way to help jobless Americans.
McConnell backed Treasury's Mnuchin in his extraordinary clash with the Federal Reserve. Both want Congress to reallocate unspent stimulus funds to support small businesses. "American workers should not lose their jobs needlessly when a second round of the job-saving Paycheck Protection Program for the hardest-hit small businesses would make a huge difference." Senate Majority Leader Mitch McConnell issued a statement on Friday afternoon. His supporting Treasury Secretary Steven Mnuchin's call is not surprising. The call is for Congress to repurpose unspent stimulus money, reports Business Insider. It also backs the Trump administration in its extraordinary clash against the Federal Reserve.
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