insider@insider.com (Saloni Sardana)
© Reuters President of the Federal Reserve Bank on Minneapolis Neel Kashkari speaks during an interview in New York Reuters
Minneapolis Federal Reserve President Neel Kashkari told CBS "Face the Nation" on Sunday the recovery from the pandemic is stalling and called for more for fiscal aid.
He said: "If 11 million Americans can't pay their bills, can't put food on the table, can't make their credit card payments, their car payments, that has spillover effects to other sectors of the economy."
Democrats rejected an increased offer of $1.8 trillion in fiscal aid by the White House over the weekend.
Minneapolis Federal Reserve President Neel Kashkari told CBS's "Face the Nation" on Sunday the strong recovery seen in the US economy in recent months has "flattened" out and called on lawmakers in Washington to reach an agreement on another round fiscal aid.
"The recovery, the strong recovery that we saw in June and July, has really flattened out. The virus is climbing now again around the country, especially here in my region, in Minnesota, the Dakotas, Wisconsin," Kashkari said. "And so you're seeing consumers pull back and not want to go out, and not want to take that risk again. And so, unfortunately, we still have a long way to go in this pandemic, and that means we need continued assistance."
He said job losses and bankruptcies in the travel and tourism industries, front-line service industries and restaurants will continue to spiral and "bleed on" if lawmakers don't reach a compromise. Democrats and Republicans have been caught in a stalemate since July over the size and scope of a new set of economic stimulus measures.
Video: Fed chair warns about need for another COVID stimulus (KSDK-TV St. Louis)
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