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McConnell: Signs of economic recovery point to smaller COVID-19 stimulus

McConnell: Signs of economic recovery point to smaller COVID-19 stimulus

FILE PHOTO: Senate Majority Leader Mitch McConnell (R-KY) holds a post election news conference as he declares victory, in Louisville, Kentucky, U.S., November 3, 2020. REUTERS/Bryan Woolston

WASHINGTON: U.S. Senate Majority Leader Mitch McConnell said on Friday that economic statistics including a 1 percentage point drop in the U.S. unemployment rate showed that Congress should enact a smaller coronavirus stimulus package that is highly targeted at the effects of the pandemic.

McConnell told a Kentucky news conference that the fall to a 6.9per cent jobless rate, combined with recent evidence of overall economic growth, showed that the U.S. economy is experiencing a dramatic recovery.

"I think it reinforces the argument that I've been making for the last few months, that something smaller – rather than throwing another US$3 trillion at this issue – is more appropriate," McConnell told reporters.

(Reporting by David Morgan)

Source: Reuters

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