Economists expect the additional federal spending, coupled with an improving public health picture, will jumpstart economic growth this year.
The president is not waiting around for Republicans to come around to his sweeping $1.9 trillion COVID-19 relief package. "We can't do too much here. We can do too little," Biden said Friday.
Powell renews his call for congressional action on the economy, but President Trump tells his representatives to stop negotiating on new relief until after the election.
The Treasury has begun sending $1,200 relief payments to people economically affected by the coronavirus. The IRS set up a website for those who haven't already supplied their bank information.
The federal relief package won't benefit some taxpaying undocumented people, such as nannies who care for children, the home aides who care for the elderly and the mostly women who clean homes.
Under the plan, single people earning incomes below $75,000 will receive as much as $1,200. The White House says it will issue funds in three weeks but experts say it could take months for some.