Key BackgroundTestifying before a House committee on Tuesday, Federal Reserve Chair Jerome Powell told lawmakers that the worst of the economic crisis was avoided thanks to swift and vigorous action from Congress and the Federal Reserve, praising both the aggressive stimulus spending and accommodative monetary policy that helped lift the market to new highs during the pandemic. He also notes that though tax hike threats are on the rise, differences among Democrats could make President Joe Biden's proposed increases hard to enact. "Otherwise, the macro narrative is largely the same as before: Despite some discouraging headlines in the last few days, the U.S. Covid outlook remains quite sanguine, with the country on track to achieve herd immunity by the end of April." "We're in a little bit of a lull here. "But we haven't seen that acceleration yet so that's what we're waiting for."
Democrats and liberals want to increase taxes.
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Democrats and liberals want to increase taxes .
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