Congress has committed nearly $6 trillion since early 2020 to fight Covid-19 and cushion the economic blow from a once-in-century pandemic. The vast majority of those emergency funds have already been spent on everything from lifelines to small businesses and stimulus checks to bailouts for airlines. There is no money left to rescue restaurants and most of the efforts to save small businesses have either expired or will soon.
The rapid spread of Omicron will test the durability of the economic recovery and is already raising questions about whether Washington will need to come to the rescue yet again. "Another round of Covid fiscal relief is premature," Moody's Analytics chief economist Mark Zandi told CNN, "but lawmakers should be prepared to act quickly of the Omicron wave begins to undermine the economic recovery."