Wen Yanliu Yupeng, a special correspondent of the global times in the United States, predicted Tuesday that the GDP of the United States fell 38% in the second quarter of this year because 26 million Americans are currently unemployed. CNBC website said Tuesday that the forecast is in line with Wall Street's forecast, slightly optimistic compared with the latest tracking figure of Atlanta Federal Reserve Bank's forecast of GDP decline of about 42% in the second quarter. Currently, the U.S. Congress has passed a $3 trillion rescue bill, and will add another bill of equal or greater amount. The CBO also said it would increase the federal deficit by $2.1 trillion in fiscal year 2020 and $600 billion in fiscal year 2021.
At the online hearing of the Banking Committee of the US Senate held on the 19th, US Treasury Secretary manuchin and Federal Reserve Chairman Jerome Powell had different views on how to restart the economy, which was generally seen as another manifestation of the divergence between the White House and the Federal Reserve in economic policy. "If we continue to restrict the restart of state economic activities, it may cause permanent harm," the Wall Street Journal quoted mnuchin as saying But Powell said the recovery should come after a thorough solution to the public health crisis.
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