Biden stated on Friday, after presenting a number of members of his financial staff, that his proposals embrace support to state governments and native authorities in hassle because of the pandemic, in addition to new assist for individuals who have misplaced their jobs they usually cannot afford to pay their lease.
Biden additionally demanded a rise within the minimal wage to $ 15 an hour, considered one of his election guarantees, and direct funds of $ 2,000. Democrats included these funds of their December financial assist program, however have been solely capable of get congressional approval from Congress for $ 600 in support.
“We want extra direct support for households, small companies, together with $ 2,000 in direct support. $ 600 shouldn’t be sufficient, “Biden stated.
Biden additionally stated he would current the plan on Thursday.
The chance of Biden implementing his plans has risen following the 2 Democratic seats received by Democrats within the Georgia election, which permit them to carry a majority within the Senate.
Biden’s preliminary plan was value lower than $ 1 trillion, however he stated on Friday that “financial analysis” confirms that within the present disaster, particularly with such low rates of interest, instant motion, even in situations of deficit financing, they are going to assist the economic system. ”
The president-elect additionally stated measures have been wanted to assist Individuals overcome the well being and financial disaster, to “keep away from a better financial price that will happen resulting from extended unemployment, starvation, lack of housing and revenue.” in chapter. ”
Nonetheless, Republicans and even some Democrats could oppose elevating spending that will gasoline the finances deficit, with Democratic Sen. Joe Manchin of West Virginia being amongst those that obtained the thought with skepticism.
Biden’s transition staff stated Friday it was contemplating different financial assist measures that may very well be taken unilaterally, together with extending the suspension of federal pupil loans.