‘US risks falling into economic hole without decisive action’

Washington, Jan 23 : White House economic adviser Brian Deese said that the US risks falling into a “very serious economic hole” without decisive action, urging Congress to approve more Covid-19 relief as soon as possible.
“It’s pretty clear we’re at a precarious moment for the virus and the economy,” Deese, who serves as director of the National Economic Council, said at a White House press briefing on Friday.
“We are 10 million jobs short still of where the economy was when this pandemic started. Last month, the economy lost jobs for the first time since last spring,” he said, citing the latest data — another 900,000 Americans file for weekly unemployment insurance.
“It’s a moment that requires decisive action to beat this pandemic and support the economic recovery that American families need.
“Without decisive action, we risk falling into a very serious economic hole, even more serious than the crisis we find ourselves in,” Xinhua news agency quoted the adviser as further saying.
Noting that President Joe Biden laid out a comprehensive rescue plan last week, Deese called on Congress to move quickly to consider this important proposal without delay.