Biden to unveil trillions in pandemic economic relief spending next week
- U.S. President-elect Joe Biden said Americans need more economic relief from the coronavirus pandemic now and that he will deliver a plan costing “trillions” of dollars next week.
- Data showed the U.S. economy lost jobs for the first time in eight months in December as a resurgent COVID-19 pandemic shuttered restaurants and other businesses.
- He said the proposal includes relief for state and local governments grappling with the pandemic, as well as new support for people who lost their jobs or cannot afford rent.
- Biden also called for raising the minimum wage to $15, a campaign promise, and for sending out $2,000 in direct cash payments.
- Democrats sought those cash payouts in the last relief bill, passed in December, but only were able to get Republicans to agree to $600.
- Markets have reacted quickly to expectations that government spending will rise since Democrats won the Georgia elections, with stock indexes rising and the interest investors demand on 10-year U.S.
- Treasury bonds climbing to their highest levels since March.
- Yet Republicans and even some Democrats may be resistant to greater deficit-fueled spending, with Sen. Joe Manchin, a Democrat from West Virginia, among those who initially greeted the idea skeptically.
- Biden’s transition team also said on Friday that they are looking into other economic relief actions they can take unilaterally, including extending a pause on repayments of federal student loans.
MORE NEWS TODAY: