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- U.S. President-elect Joe Biden is expected to unveil an economic stimulus package worth more than US$1.5 trillion (A$1.93 trillion)
- Included in the economic package will be stimulus cheques worth US$1,400 (A$1,798)
- A large portion of the package will also go towards the support of minority communities
- Biden is expected to urge Congress to immediately pass the stimulus measures before turning to longer-term recovery measures
- Wall Street gained some ground yesterday, with the Dow and Nasdaq briefly touching record highs as investors picked up on the forthcoming economic boost
U.S. President-elect Joe Biden is expected to unveil an economic stimulus package worth more than US$1.5 trillion (A$1.93 trillion) in an effort to lift the country from the grip of COVID-19.
A key part of Biden’s presidential campaign last year was a promise to take the pandemic more seriously than President Donald Trump, and the new plan is expected to make good on that promise with additional resources to accelerate the rollout of vaccines.
While Biden’s administration will work with Congress to firm-up an economic recovery after Inauguration Day on January 20, Trump’s second impeachment has threatened to consume lawmakers’ time in the initial weeks.
“I hope that the Senate leadership will find a way to deal with their Constitutional responsibilities on impeachment while also working on the other urgent business of this nation,” Biden said on Wednesday night.
Included in the economic package will be stimulus cheques worth US$1,400 (A$1,798), as well as a commitment from Biden to work with private companies to bolster the number of Americans receiving inoculations.
A large portion of the package will also go towards the support of minority communities. “I think you will see a real emphasis on these underserved communities, where there is a lot of hard work to do,” an official from the Biden administration said.
Although Trump was an advocate for US$2,000 (A$2,568) stimulus cheques during the last round of support, many fellow Republicans thought the amount was too rich, instead settling on just US$600 (A$770). Biden may face similar challenges, but has the advantage of a newly Democrat-controlled House and Senate.
Brian Deese, Biden’s incoming economic advisor, said the president-elect would urge Congress to immediately pass the stimulus measures before turning to longer-term recovery measures related to infrastructure and healthcare.
Wall Street gained some ground yesterday, with the Dow and Nasdaq briefly touching record highs as investors picked up on the forthcoming economic boost.
However, any sustained comeback was offset by a still-weakening workforce, with the U.S. Labour Department’s weekly jobless report showing a sudden increase in the number of American’s filing first-time claims for unemployment benefits.
