NEW YORK/BRUSSELS — As the contagion from the coronavirus pandemic wrecks the global economy, Western policymakers are scrambling to find a consensus on how best to contain the crisis pummelling financial markets. While governments have agreed to ditch decades of fiscal orthodoxy to flood their economies with cash, arguments over how the vast sums of money should be spent are stalling measures to prevent a global recession becoming a debilitating slump. The U.S. Federal Reserve unveiled an unprecedented array of measures on Monday to shield the world's largest economy after party politicking stymied efforts to get a rescue package worth more than $1 trillion through the U.S. Senate on Sunday. A second attempt to pass the bill failed on Monday as Republicans accused Democrats of obstruction and dilly-dallying during a national emergency.

Source: International New York Times March 23, 2020 13:47 UTC