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Biden Says His Covid Stimulus Package Price Tag Will Be ‘High’
Posted
January 8, 2021
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1:23Now PlayingPresident-elect Joe Biden called for trillions of dollars in immediate further economic support, including increased direct payments, in the wake of the worst monthly jobs report since April.
“We need more direct relief flowing to families, small businesses, including finishing the job of getting the people $2,000 in relief,” Biden said Friday in Wilmington, Delaware. He said he would lay out his proposals on Thursday, before he takes office on Jan. 20.
Biden made the call after a report showing the U.S. labor market lost jobs in December for the first time in eight months, reflecting a plunge in restaurant employment that highlighted how surging coronavirus infections are taking a greater toll on parts of the economy.
While the Democrats are set to control both houses of Congress after Biden takes charge, private economists see any new stimulus package falling short of multiple trillions of dollars. The 50-50 partisan split in the Senate will make a more ambitious proposal challenging to pass.
Democratic Senator Joe Manchin, a West Virginia moderate, said Friday that if there’s another round of direct payments to individuals, it “should be targeted to those who need it.” Initial reports that he flat out opposed boosting stimulus checks to $2,000 from the $600 approved in the December Covid-19 relief package sent stocks dropping on Friday, showcasing investor sensitivity to news about the next fiscal initiative.
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