Outbreak of covid19 has led to an unprecedented Public Health crisis and a dire economic crisis. We have lost over 110,000 people to the disease, and 40 million remain unemployed. Back in february as the band that it was worse, we knew we needed to take action to help our Small Businesses survive the economic downturn. We started working with the sba and governors around the country to leverage the sba disaster resources available. Can you please mute . Anyone should be muted. Everyone should be muted. As the virus continues to spread, or state and local governments began imposing stayathome orders and business closures. We quickly realized Congress Needed to do more to meet the full scope of the problem, and that is when we started working on what ultimately became the cares act. To help Small Businesses and eligible nonprofits, congress created a new Paycheck Protection Program, expanded eligibility to the program and provided payment and interest relief for current sba borrowers. I
Loans provided through the c. A. R. E. S. Act during the coronavirus pandemic. The House Small Business Committee held this hearing. I want to thank everyone for joining us this afternoon for our committees First Official remote hearing. I want to make sure to note some important requirements. House regulations require members to be visible through a video connection throughout the proceedings. So please keep your cameras on. Also, if you have to participate in another proceeding, please exit this one and log on later. You are recognized to minimize background noise. Over the last few months, the outbreak of covid19 has led to an unpresented Public Health crisis and dire economic crisis. We have lost over 10,000 people to the disease and 30 million remain unemployed. Back in february as the pandemic was getting worse, we knew we needed to take action to help our Small Businesses survive the economic downturn. We started working with the sba and governors around the country to leverage
We have followed that policy. And we never said that it was a target, which we would i understand that. I appreciate the kauvcaveats. Youre very good at caveats, i appreciate that. That brings me to my second point. A full six and a half years after the recovery, as you acknowledged there is slack in the labor market and there are significant weaknesses in the labor market, in the overall economy. In fact, a recent investors business daily article said the over all group has been 13. 3 . Thats less than half the average growth rate in the previous ten recoveries since waurld world war 2. If it had been average, gdp would by had 1. 9 trillion larger today. You recognized this in your report saying the measure of labor under utilization remains relative. That would explain why youve invoked that caveat and havent raised the rates even though you came below that 6. 5 . I understand the analysis. Lets talk about the cause of that underlying weakness. Its clearly not Monetary Policy from th
Be militarily defeated without being treated in the homebase and so this fight eventually has to go over the iraqi border not odd. [inaudible] you dont really expect to defeat them . But there are ground forces. [inaudible] we have are the spoken about playing the role and im not suggesting that we have an optimally configured ground force in the region but im equally clear that injecting western boots on the ground would not be the solution. That would not deliver the solution. Try as they may leave lead us on to this. Thank you, mr. Chairman on this point. This analysis is being done with whatever you hope to achieve with airstrikes. And of course we are talking about this in recent years and so what are your plans for this situation . It also remains to be seen as far as a political transition in the regime to a government which has legitimately. [inaudible] at the outcome that we see is not going to be it easy to deliver and we recognize that. In the meantime it is easy to challeng
Ends, peter greste calls on egypt to release his colleagues. And should parents be able to opt out of the measles innoculation . This is live in new york city im tony harris. Middle class economics president obama is sending congress a record 4 trillion budget taxes on the wealth, free tuition and sick leave benefits. Everybody is playing by the same set of rules. The budget that the congress has in its hands is built on those values. That is why president obama is pushing for paid sick leave and today 43 million workers in the private sector dont get paid if they call in sick. That would change in the president s budget. Libby casey has more on the president s wish list. Libby. Tony, the president s blueprint is a clear example of where he wants to go with his priorities. Changes where taxes would come from and where exactly spending would go towards. The biggest line item as is standard is defense spending to the tune of nearly half a trillion dollars. Sending boosts to education. To