Fed chair warns of economic tragedy if America can't control the coronavirus

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But just hours after Powell's appeal, President Donald Trump halted negotiations for a new stimulus package. "I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business, he said on Twitter.

Yet Powell said Tuesday that the risks of Congress pouring too much stimulus into the economy are far lower than the risk of not doing enough. Although government spending is adding to an already sky-high federal budget, lawmakers should act, Powell argued.