‘Go BIG of Go Home’...Eh?
President-Elect Joe Biden seemingly sensing he’s in the same place he and President Obama was in back in 2009 is moving to dump a TON of Federal money into the US Economy to jump start it and combat the pandemic….
Democrats will have to fight for such a BIG spending bill….
Oh, and the check he’s asking to send to you would be for $1,400, not $2,000….
The bill Biden would like would like Congress to approve would include other economic boosters such as giving money to schools, buying more vaccines so anyone could get their shots, increased jobless benefits and increased childcare benefits and a $15 min wage…
This size of a spending bill is NOT gonna look anything like what Biden is proposing when and if he gains passage…
Again…
It will need support from Democrats , whole on the left and in the middle will be no problem…
But conservative Democrats and Republicans will balk at this….
Pelosi and Schumer will have to offer sweeteners to individual lawmakers to get their votes…
Repaying this could be thru a better economy or higher taxes ion Congress has the nerve to do that with the 2022 midterms less than 2 years away….
(Biden will ask for even MORE money to dump into the economy next month it is reported)
A constant reminder?
After Obama and Biden rescued the economy in 2009/2010?
Democrats lost their shirts in the 2010 midterm elections….
President-elect Joseph R. Biden Jr. will propose a $1.9 trillion rescue package to combat the economic downturn and the Covid-19 crisis, outlining on Thursday evening the type of sweeping aid that Democrats have demanded for months and signaling the coming shift in the federal government’s pandemic response as Mr. Biden prepares to take office.
The sprawling package includes more than $400 billion to combat the pandemic directly, including accelerating vaccine deployment and safely reopening most schools within 100 days of passage, along with $350 billion to help state and local governments bridge budget shortfalls. It also features more help for workers and families, including $1,400 direct payments, more generous unemployment benefits, federally mandated paid leave for workers and large subsidies for child care costs.
Mr. Biden took swift action, seeking to shape the agenda at a time of national crisis and a day after President Trump’s impeachment in the House. While it reflects the political shift in Washington as Democrats take control of Congress, support for Mr. Biden’s program will immediately run into challenges, starting with the possibility that a Senate trial of Mr. Trump might delay its passage.
It is also unclear how easily Mr. Biden can secure enough votes for a plan of such ambition and expense, especially in the Senate. Democratic victories in two Georgia special elections last week gave Mr. Biden’s party control of the Senate — but only with a 50-50 margin after Vice President-elect Kamala Harris’s tiebreaking vote. Mr. Biden will have to compensate for any defecting moderate Democrats with Republican votes at a time of scarce bipartisanship….
…
The Biden “rescue” proposal, which would be financed entirely through increased federal borrowing, flows from the idea that the virus and the recovery are intertwined.
Economists who have pushed for more federal aid for people and businesses said this week that Mr. Biden’s advisers understood that the focus needed to be on vaccine deployment in order to get the virus under control….
…
Some progressive groups called the scale and cost of the package a welcome surprise. “For a president to come out and understand not just the need for fiscal relief but the inequities in the relief we’ve had so far, is really remarkable,” said Elizabeth Pancotti, a policy analyst at the liberal advocacy group Employ America.
Mr. Biden also plans to unveil another set of spending proposals in February, in what they called a “recovery” package to follow the initial “rescue” bill.
The proposals in the second tranche are likely to be larger than the first, and Democrats plan to pay for some or all of them by raising taxes on corporations and the rich….
Note….
I DO think that Biden IS going in the right direction….
image…USA Today
Washington Post economics reporter Jeff Stein said Thursday that the incoming Biden administration is eyeing the passage of an economic stimulus bill with some Republican support, but the chances are “really, really small.”
“The Biden people are hoping to pass this bill through what’s called regular order” under which the evenly split chamber would need at least nine GOP votes, Stein noted in a Hill.TV interview Thursday.
“Now, that would allow them to move more quickly, and would allow them to save what’s called the reconciliation vehicles that only require 51-vote support, but that could take longer, it could take months or weeks to do,” he added. “So what they’re hoping right now is, maybe if they have a slightly lower price tag, they can do this in a bipartisan way and then they can come back and do their other plans with just 51 votes.”
More…
A final insult….
President Donald Trump has sent lawmakers a sweeping package of spending cuts to consider before he leaves office, including billions in funding for a global health and vaccine distribution program involved in the Covid fight, according to the package obtained by POLITICO.
The $27.4 billion in proposed cuts is known as a rescission request — a largely symbolic package of spending claw-backs that the White House presents to Congress. There is no chance that Congress actually acts on the request….
More…
It begins already….
Jeff Stein
@JStein_WaPo
Rep. Ocasio-Cortez (D-NY) says Dems should pass $2K on top of the $600 from December, rather than add $1,400 to get $600 to $2K.
“$2,000 means $2,000. $2,000 does not mean $1,400,″
@AOC
tells us
Sahil Kapur
@sahilkapur
@JoeBiden
rolls out $1.9T “rescue plan”
– $400B vaccine/schools
– Stimulus to $2K
– $400/week UI
– $30B rental aid
– 15% SNAP boost
– EITC boost
– $25B child care
– $20B public transit
– $35B small biz/grants
– Fund COBRA thru Sept
– Boost ACA subsidy
– $15 minimum wage
+ more
Sahil Kapur
@sahilkapur
Replying to
@sahilkapur
New Pelosi-Schumer statement on the new $1.9 trillion Biden plan: “We will get right to work to turn President-elect Biden’s vision into legislation that will pass both chambers and be signed into law.”
Again?
I seriously doubt the final bill will look anything like what Biden asks for….
Gee thanks for this astute observation.
Until I read this?I had naively convinced myself that this bill was going to be adopted just like it was written with nothing changed.You have set me straight.
That’s why I come here and I suspect the others too.
We need your “guidance” on these type things!
LOL Jack.
Biden will deploy the National Guard and reky on FEMA to build vaccine clinics across the US to speed the process of inoculation for COVID
This kind of thing didn’t cross Trump’s mind as there was no way for him to monetize it or use it to directly promote his brand.
Having the military ‘hand out’ vaccine shots may work some places….
But not in others…
It should be like Uber
Use the assets in place….