Negotiations over a new coronavirus relief package have failed to yield a deal, White House officials and Democratic leaders said after a last-ditch meeting, reports Politico.
Treasury Secretary Steven Mnuchin and White House chief of staff Mark Meadows said they would tell President Donald Trump to take executive action to alleviate the economic fallout from the pandemic.
"[Meadows] and I will recommend to the president based upon our lack of activity today to move forward with some executive orders," Mnuchin told reporters.
According to Politico, Trump's executive orders — which would likely face legal challenges — are expected to suspend payroll taxes, extend eviction protections, boost unemployment benefits and help student loan borrowers.
Of course, there is no money for any of this which would result in the Treasury issuing new debt most of which would be monetized by the Fed, ultimately resulting in upward pressure on prices.
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