U.S. President-elect Joe Biden urged lawmakers on Tuesday to pass a coronavirus aid package that has been stalled in Congress for months, and promised more action to reactivate the economy after he takes office next month.At its peak over the summer, expanded federal unemployment benefits funneled some $12 billion weekly into individual bank accounts, money that propped up spending, padded savings and fueled rehiring.
But those benefits are expiring by the top of this year, prompting involves a more extended safety net while a coronavirus vaccine is unrolled ."Right now, the complete Congress should close and pass a strong package for relief to deal with these urgent needs," Biden said as he presented his incoming administration's economic team.
A bipartisan group of U.S. lawmakers on Tuesday unveiled a $908 billion COVID-19 relief bill aimed toward breaking the long deadlock between Democrats and Republicans over new emergency assistance for little businesses, unemployed people, airlines and other industries hit hard by the pandemic.Biden said any such package gone by Congress before he takes over on Jan. 20 would be "at best just a start."
"My transition team is already performing on what I'll suggests within the next Congress to deal with the multiple crises we're facing, especially our economic and COVID crises," Biden said at the event in Wilmington, Delaware.He was speaking alongside his selections for senior economic roles, including his nominee for U.S. Treasury secretary, former Federal Reserve System Chair Janet Yellen, who said the pandemic and economic damage it caused within the us was "an American tragedy."
"It's essential that we move with urgency. Inaction will produce a self-reinforcing downturn, causing yet more devastation," Yellen said.The economic team's makeup reinforces Biden's view that a more aggressive approach to the economic recovery from the pandemic is required. The advisers have all expressed support for state stimulus to maximise employment, reduce economic inequality and help women and minorities, who are disproportionately hurt by the downturn.
The us is within the grip of a fresh wave of COVID-19 infections, with quite 4 million new cases and over 35,000 coronavirus-related deaths reported in November, consistent with a Reuters tally of official data.The virus is probably going to disrupt production at factories. Manufacturing output remains about 5% below its pre-pandemic level, consistent with the Fed.
The U.S. Centers for Disease Control and Prevention reported on Tuesday that the amount of coronavirus deaths within the us had risen to 267,302
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