 coronavirus relief bill signed by the former US President in 2020. Their connection was forged following months of fraught political negotiations as Republicans and Democrats wrangled over how much the world's biggest economy should offer in financial aid during the pandemic. Months of delays meant the 5,593-page law was also stuffed with a smorgasbord of legislative loose ends on nuclear energy and illegal streaming that had little to do with fortifying a fragile economy. This vicious cycle of posturing, deadlock and eleventh hour agreements have become an increasingly common occurrence on Capitol Hill. Back in 2020, it left Congress with only hours to pass the bill. 'This isn't governance. It's hostage-taking,' said New York Congresswoman Alexandria Ocasio-Cortez. More recently in June, Congress barely averted a default after reaching an agreement to suspend the so-called debt ceiling, which determines how much money the US government can borrow. It is episodes like this that Fitch suggests are to blame for its decision to strip the US economy of its gold-plated credit rating.){kind=link}
Fitch’s decision to strip the US of its gold-plated credit rating reflects the perilous road ahead for the economy
Donald Trump, the Dalai Lama, and racehorse owners aren’t usually considered to be kindred spirits. But all of them featured in a $900bn (£700bn) coronavirus relief bill signed by the former US President in 2020.
Their connection was forged following months of fraught political negotiations as Republicans and Democrats wrangled over how much the world’s biggest economy should offer in financial aid during the pandemic.
Months of delays meant the 5,593-page law was also stuffed with a smorgasbord of legislative loose ends on nuclear energy and illegal streaming that had little to do with fortifying a fragile economy.
This vicious cycle of posturing, deadlock and eleventh hour agreements have become an increasingly common occurrence on Capitol Hill.