President-elect Joe Biden will unveil his coronavirus control plan Thursday night, a sweeping measure expected to include cash payments to Americans and money for the distribution of COVID-19 vaccines.
Biden plans to flesh out his proposals in Wilmington, Del., At 7:15 p.m. Eastern Time, less than a week before he was inaugurated as president, and a day after the House of Representatives voted to vote President Donald Trump for a historical second time.
Biden has said the plan will be “in the trillions of dollars,” an injection that he says the US economy needs to combat the economic impact of the pandemic.
CNN said on Thursday that the president-elect would propose a $ 2 trillion spending increase, in a report that helped send returns on the 10-year U.S. Treasury TMUBMUSD10Y.
higher on the prospect of even greater budget deficits and greater debt issuance. US stocks, especially the S&P 500 index SPX,
and the Dow Jones Industrial Average DJIA,
meanwhile climbed for the evening speech.
Market snapshot: Dow is trading as the worst unemployment report since August, according to records, given support for more fiscal support
The incoming government “will outline its vaccination and economic rescue legislative package to fund vaccinations and provide immediate, direct assistance to working families and communities affected by this crisis, and calls on both sides in Congress to swiftly adopt its proposals. to serve, ”the Biden-Harris transition said in a statement.
“The outline of the package, we believe, will include direct payments, vaccine distribution funding, state and local aid, and unemployment benefits,” Height Capital Markets analysts said in a note.
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Biden is scheduled to be inaugurated on Jan. 20, but the new president may face a challenge to move quickly with his legislative agenda if the Senate is consumed by an impeachment lawsuit against Trump.
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Earlier this week, Biden said he had asked if the Senate could “split” his schedule to address impeachment and his agenda at the same time.
New York Senator Chuck Schumer, the incoming majority leader, said in an interview published Monday that the chamber could work on both issues at the same time.
“We will have to do several things at once, but we also have to shift the agenda,” Schumer told Buffalo News.
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Biden will roll out his plan as the number of COVID-19 cases in the US rose above 23 million, and the latest Labor Department data showed the number of unemployed rose to five months as more workers lost jobs due to company closures and restrictions to fight the pandemic revival of winter.
As part of his plan to combat the pandemic, Biden says he will release available doses of vaccines after taking office on Jan. 20, rather than keeping some in reserve for a second dose.
Read now: Biden plans to distribute COVID-19 vaccine doses immediately
Analysts at Beacon Policy Advisors said that while they think Biden will try to promote a coronavirus package on a bipartisan basis, they expect pressure on the president-elect to use a process known as budget reconciliation to push through new aid. . Budget reconciliation is a procedure by which legislation can be passed with a simple rather than two-thirds majority in the Senate.
Ultimately, we expect Congress Democrats, led by Schumer and House Speaker Nancy Pelosi (D-CA), will convince Biden that the only practical way to get to the level of aid the Democrats believe is needed is through the reconciliation process that only requires a simple process. majority in the Senate, allowing Democrats to pass the legislation themselves – if they can reach unanimous agreement among themselves on its specifics, ”Beacon analysts said in a note.