President-Elect Joe Biden will unveil his Coronavirus relief plan on Thursday evening, hoping for a comprehensive measure to include items including cash payments to Americans and funds for distribution of COVID-19 vaccines.
Biden plans to present his proposals in Wilmington, Del. In detail. Eastern at 7:15 pm, less than a week before he was inaugurated as president, and the day after the House of Representatives voted to give President Donald Trump a historic time to vote.
Biden has said the plan will be “in trillions of dollars”, an injection he says the U.S. economy needs to counter the economic downturn from the epidemic.
CNN said Thursday that the presidential election would propose a $ 10 trillion spending increase, in a report that helps send yields on the 10-year US Treasury note TMUBMUSD10Y,
More on the possibility of a larger fiscal deficit and increased debt issuance. US stocks, especially the S&P 500 Index SPX,
And the Dow Jones Industrial Average DJIA,
Meanwhile, were climbing ahead of the evening speech.
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The incoming administration will “outline its immunization and economic rescue legislative package for vaccination and provide immediate, direct relief to working families and communities who are suffering the brunt of this crisis and quickly forward their proposals to both parties in Congress To increase, ”Biden Harris Transition said in a statement.
In the note, analysts at Haight Capital Markets said, “In terms of the package, direct payments, vaccine distribution funding, state and local aid, and unemployment benefits will, in our opinion, be included in other policies.”
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Biden is scheduled to be inaugurated on January 20, but the new president may face a challenge to move quickly with his legislative agenda if the Senate is consumed with a trial of Trump’s impeachment.
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Earlier this week, Biden said he asked if the Senate could “bifurcate” its program to deal with impeachment and his agenda simultaneously.
The incoming majority leader, Sen. Chuck Schumer of New York, said in an interview published on Monday that the Chamber could work on both issues at the same time.
“We’re going to do a lot of things at once, but we also have an agenda to go forward,” Schumer told Buffalo News.
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Biden topped his plan as the number of US COVID-19 cases topped 23 million, and the latest Labor Department figures showed jobless claims at a five-month high, as business closures and combating epidemics More workers lost due to restrictions. Winter revival.
As part of his plan to fight the epidemic, Biden says he will release available doses of vaccines after he arrives in office on January 20, instead of keeping them in reserve for a second dose.
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Beacon policy advisory analysts said that while they believe Biden would try to push the coronovirus package on a bipartisan basis, they pressured the president-elect to use a process called budget reconciliation to push through new aid. To be. Budget harmonization is a process that allows legislation to be passed using a simple rather than two-thirds majority in the Senate.
“Ultimately, we expect Congressional Democrats, led by Schumer and House Speaker Nancy Pelosi (D-CA), to explain to Biden that the only viable path to achieving the level of aid that Democrats believe That is required through a reconciliation process that is only a simple requirement. Beacon analysts said in a note, a majority in the Senate, thus allowing Democrats to pass legislation on their own – if they agree to a consensus agreement on their specifics Can reach.