Federal Reserve expands emergency coronavirus aid program to more cities and counties

The Federal Reserve said Monday that it plans to purchase short-term debt from a wider array of cash-strapped, responding to concerns that some large U.S. municipalities including Baltimore and Detroit might have struggled to take advantage of its new $500 billion fund.

pandemic. It could help push down interest rates, ease borrowing and help local governments raise revenue, perhaps sparing them from debilitating cuts to local programs or their own workforces.Cities and states brace for economic ‘reckoning,’ eyeing major cuts and fearing federal coronavirus aid isn’t enough

Fed has stepped up to make it easier for states and cities to borrow money. Now Congress must step up and bring back deduction of state taxes from federal income tax.

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U.S. will cap how much each bank can lend under emergency coronavirus program: memoThe U.S. government will cap how much each bank can lend under the emergency loan program designed to keep workers on payrolls amid the coronavirus pandemic, according to a memo seen by Reuters hours ahead of the reopening of the lending program. After they already made off with the bulk of it. Just go Bankrupt enough is enough
Source: Reuters - 🏆 2. / 97 Read more »