Biden set to unveil ambitious new stimulus package to control Covid-19 and save the economy

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Topline

As the coronavirus pandemic continues to devastate families, President-elect Biden will present new details on his aggressive spending plans to fight the virus and prevent economic disaster.

Highlights

The plan is expected to include expanded federal unemployment benefits, state and local aid, money for schools and small businesses, a provision to increase the second round of stimulus checks from $ 600 to $ 2,000, and a major expansion of the child tax credit – a proposal among Democrats and Republicans – the Washington post reported on Wednesday.

It will also focus heavily on pandemic response measures and include money for vaccine distribution and coronavirus testing, the New York Times reported.

The proposal Biden unveils Thursday – characterized by new Biden National Economic Council director Brian Deese as a “bailout” package for immediate needs – is expected to be worth more than $ 1 trillion and is just the first installment help he is considering.

Later this spring, Biden plans to push for more spending on infrastructure, jobs and tax changes to help support the long-term recovery.

Crucial quote

Biden noted last week that the cost of his economic proposals would be high out of necessity. “The overwhelming consensus among leading economists on the left, right and center is that to prevent the economy from collapsing this year and getting worse, we should invest significant sums now,” he said. he declares.

Large number

$ 3.5 trillion. This is the amount of stimulus spending that the federal government has already authorized in five relief bills.

Key context

Democrats will take control of the Senate for the first time in six years this month, but the margin will be slim. With Democrats and Republicans in this chamber split 50-50 (and Vice President-elect Kamala Harris voting decisively), Biden won’t be able to lose even a single Democratic vote on proposals that have no Republican backing, even s ‘it uses the special budgetary reconciliation procedure. He would aim to get at least some GOP buy-in to his economic agenda, and will need at least ten Republican votes to ensure the legislation can overcome a filibuster if he doesn’t use reconciliation. New Senate Majority Leader Chuck Schumer (DN.Y.), however, noted this week that Congress would be prepared to move forward on Biden’s priorities even if that Republican support does not materialize.

Further reading

Schumer asked Biden for more than $ 1.3 trillion stimulus package (TBEN)

GOP Senator Marco Rubio calls for $ 2,000 stimulus checks to heal ‘divided nation’ (TBEN)

Schumer on $ 2,000 stimulus checks amid Trump impeachment: ‘We’re going to get there’ (TBEN)

Here’s what we know about Biden’s massive stimulus package coming this week (TBEN)

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