‘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…
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….
I DO think that Biden IS going in the right direction….