President-elect Joe Biden on Thursday night will unveil his coronavirus aid plan, a comprehensive measure expected to include items, including cash payments to Americans and money for the distribution of COVID-19 vaccines.
Biden plans to detail his proposals in Wilmington, Del., At 7:15 p.m., less than a week before he was inaugurated as president and a day after the House of Representatives voted to charge President Donald Trump for the second time. historical time.
Biden said the plan would be “in billions of dollars,” an injection he said the U.S. economy must fight the economic failures of the pandemic.
CNN said Thursday that the president-elect will propose a $ 2 trillion increase in spending, in a report that helped send the yield to the 10-year US Treasury note TMUBMUSD10Y,
higher in the face of even larger fiscal deficits and rising debt issues. US equities, in particular the S&P 500 SPX index,
and Dow Jones Industrial Average DJIA,
in the meantime, they were climbing before the evening speech.
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The incoming administration “will present its vaccination and rescue schemes to fund vaccinations and provide immediate and immediate assistance to families and communities working in the face of this crisis and will ask both sides of Congress to present their proposals quickly.” Harris transition said in a statement.
“The outlines of the package will include direct payments, funding for vaccine distribution, 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 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 by a process to oust Trump.
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Earlier this week, Biden said he asked if the Senate could “fork” its program to deal with the prosecution and its agenda simultaneously.
New York Sen. Chuck Schumer, the new majority leader, said in an interview Monday that the chamber can work on both issues at the same time.
“We will have to do several things at once, but we will also have to move the agenda,” Schumer told Buffalo News.
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Biden will launch his plan, while the number of COVID-19 cases in the US exceeded 23 million, and the latest data from the Department of Labor showed that unemployment claims increase to a maximum of five months, as more workers lost jobs due to business closures and pandemic control restrictions. the rebirth of winter.
As part of his plan to combat the pandemic, Biden says he will release the available doses of vaccines after taking office on January 20, instead of keeping some in reserve for the second dose.
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Beacon Policy Advisors said that while they believe Biden will try to advance a coronavirus package on a bipartisan basis, pressure is expected on the president-elect to use a process known as budget reconciliation to promote new aid. Budget reconciliation is a procedure that allows legislation to be passed by a simple majority, rather than a two-thirds in the Senate.
“Finally, we expect the Democrats in Congress, led by Schumer and the Speaker of the House, Nancy Pelosi (D-CA), to convince Biden that the only practical way to achieve the level of assistance that Democrats believe is It is necessary through the reconciliation process that requires only a simple majority in the Senate, thus allowing Democrats to pass legislation on their own – if they can reach a unanimous agreement on its specifics between them, “Beacon analysts said in a statement.