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Tuesday / January 19.
HomeSummarized NewsBiden to unveil trillions in pandemic economic relief spending next week

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.

Read the FULL article over at Whatfinger by clicking here

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