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Biden Economic Plan to Test Republican Taste for Dealmaking
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January 14, 2021
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10:26Now PlayingPresident-elect Joe Biden on Thursday will unveil a Covid-19 relief package rivaled in size only by last year’s $2 trillion Cares Act, in his first legislative test in the face of a split U.S. Senate and a deteriorating economy.
Transition officials developed a proposal with Democratic lawmakers and their staff in recent days that’s anticipated at at least the $900 billion of December’s bill, with incoming Senate Majority Leader Chuck Schumer pressing for more than $1.3 trillion.
Biden last week put the “entire package” at “trillions of dollars,” and many Democrats believe it will be as much as $2 trillion, while others expect the coronavirus-only portion will fall closer to $900 billion. That means that other spending could take the package to the higher end of the various estimates. Treasury yields rose in Asia on Thursday amid speculation that will be the case.
Little more than a week after the shock storming of the Capitol, and amid a political atmosphere charged by the second impeachment of President Donald Trump, the incoming president is seeking significant bipartisan backing for his aid plan. Success on that score would distinguish him from his two immediate Democratic predecessors -- no GOP senators voted for Bill Clinton’s first economic plan, and only three did so for Barack Obama’s.
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