President-elect Joe Biden will unveil his coronavirus relief plan Thursday night, a move that is expected to include items that include cash payments to Americans and money to distribute COVID-19 vaccines.
Biden is scheduled to detail his proposals in Wilmington, Del, at 7:15 p.m. in the East, less than a week before being sworn in as president, and a day after the House of Representatives voted to impeach President Donald Trump for the second time in history.
Biden has said the plan will be “in the trillions of dollars,” an injection that says the U.S. economy needs to combat the economic consequences of the pandemic.
CNN said Thursday that the president-elect would propose a $ 2 trillion spending increase, in a report that helped send the U.S. Treasury note yield to ten years TMUBMUSD10Y,
higher at the prospect of even larger fiscal deficits and an increase in debt issuance. US equities, especially the S&P 500 SPX index,
and the Dow Jones Industrial Average DJIA,
meanwhile, they went up before the speech of the night.
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The incoming administration “will outline its legislative package of vaccination and economic bailout to fund vaccinations and provide immediate and direct relief to working families and communities suffering the brunt of this crisis and call on both sides of Congress to move their proposals forward quickly, ”Biden said. Harris transition said in a statement.
“The outlines of the package will include direct payments, vaccine distribution funding, state and local aid, and unemployment benefits, among other policies in our view,” Height Capital Markets analysts said in a note.
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Biden is scheduled to open on Jan. 20, but the new president may face a challenge to move quickly with his legislative agenda if the Senate is consumed with a Trump indictment.
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Earlier this week, Biden said he had asked if the Senate could “fork” its schedule to simultaneously address the dismissal and its agenda.
New York Sen. Chuck Schumer, the new majority leader, said in an interview published Monday that the House can work on both issues at the same time.
“We’re going to have to do several things at once, but we also have to move the agenda,” Schumer told Buffalo News.
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Biden will roll out its plan as the U.S. COVID-19 case count exceeds 23 million, and the latest data from the Department of Labor showed unemployment claims increase to five months as more workers lost jobs of work due to the closure of companies and restrictions to combat the pandemic. winter resurgence.
As part of his plan to fight the pandemic, Biden says he will release the available doses of vaccines after taking office on Jan. 20, instead of keeping some in reserve for the second doses.
Now read: Biden plans to distribute COVID-19 vaccine doses immediately
Beacon Policy Advisers analysts said that while they believe Biden will try to advance a coronavirus package on a bipartisan basis, they expect pressure on the president-elect to use a process known as budget reconciliation to push for new aid. Budget reconciliation is a procedure that allows legislation to be passed by a simple majority in the Senate, instead of two-thirds.
In short, we hope that the Democrats in Congress, led by Schumer and the Speaker of the House, Nancy Pelosi (D-CA), will convince Biden that the only practical way to achieve the level of assistance that Democrats believe is necessary it is through the reconciliation process that only requires a majority in the Senate, which allows Democrats to pass legislation on their own, if they can come to a unanimous agreement on their particularities, ”Beacon analysts said in a note.