President-elect Joe Biden is unveiling a $1.9 trillion coronavirus plan Thursday to turn the tide on the pandemic, speeding up the vaccine rollout and providing financial help to individuals, states, and local governments and businesses struggling with the prolonged economic fallout.
Bidenâs Economic Plan Will Test Republican Taste for Dealmaking
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Joe Biden Photographer: Jim Watson/AFP/Getty Images
(Bloomberg) President-elect Joe Biden on Thursday will unveil a Covid-19 relief package rivaled in size only by last yearâs $2 trillion Cares Act, in his first legislative test in the face of a split U.S. Senate and a deteriorating economy.
Transition officials developed a proposal with Democratic lawmakers and their staff in recent days thatâs anticipated at at least the $900 billion of Decemberâs bill, with incoming Senate Majority Leader Chuck Schumer pressing for more than $1.3 trillion.
Biden last week put the âentire packageâ at âtrillions of dollars,â and many Democrats believe it will be as much as $2 trillion, while others expect the coronavirus-only portion will fall closer to $900 billion. That means that other spending could take the package to the higher end of the various estimates. Treasury yields rose in
Biden Seeks $1.9 Trillion for Relief in First Economic Plan Bloomberg 1/15/2021 Nancy Cook, Jenny Leonard and Mario Parker
(Bloomberg) President-elect Joe Biden will ask Congress for $1.9 trillion to fund immediate relief for the pandemic-wracked U.S. economy, a package that risks swift Republican opposition over big-ticket spending on Democratic priorities including aid to state and local governments.
“We have to act and we have to act now,” Biden said Thursday night in Wilmington, Delaware. He said he would lay out a second, broader economic recovery plan next month at a joint session of Congress next month. That initiative will include money for longer-term development goals such as infrastructure and climate change, the transition team said.
Biden Seeks $1.9 Trillion for Relief in First Economic Plan
Bloomberg 1/15/2021 Nancy Cook, Jenny Leonard and Mario Parker
(Bloomberg) President-elect Joe Biden will ask Congress for $1.9 trillion to fund immediate relief for the pandemic-wracked U.S. economy, a package that risks swift Republican opposition over big-ticket spending on Democratic priorities including aid to state and local governments.
“We have to act and we have to act now,” Biden said Thursday night in Wilmington, Delaware. He said he would lay out a second, broader economic recovery plan next month at a joint session of Congress next month. That initiative will include money for longer-term development goals such as infrastructure and climate change, the transition team said.
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