Thursday, February 22, 2024

$ 1,200 stimulus checks ‘could still be in the game’, says Biden

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Is there still hope of finding a stimulus check in your inventory this year?

President-elect Joe Biden seems to hope so.

Biden was speaking in Wilmington, Delaware, after the announcement Friday morning that the U.S. economy had added just 245,000 jobs in November, pushing the unemployment rate to 6.7% from 6.9% in October. This figure was well below the 440,000 jobs predicted by economists and has been interpreted as a sign that the economic recovery has stalled.

On the subject of the stimulus, Biden said we must “act now” and that if we do not act, “the future will be very bleak,” he said. told reporters. Biden said he was “encouraged” by the bipartisan effort in the Senate. Earlier on Tuesday, House Speaker Nancy Pelosi said that the compromise bill could be the starting point for discussions between Democrats and Republicans, who have been at an impasse since the summer over the size of an economic bailout bill.

As FortuneLance Lambert and Anne Sraders reported that the new bipartisan bill “would set aside $ 180 billion to payWeekly unemployment benefits enhanced by $ 300, which would be paid in addition to state benefits. This would replace the enhanced weekly unemployment benefits of $ 600 that expired at the end of July. In addition, the program would include $ 82 billion for education, $ 45 billion for transportation such as airlines and $ 25 billion in housing assistance.

Biden stressed that stimulating and stopping the virus are closely linked: “Emergency relief helps stem the spread of COVID because it allows people to tell home when they are sick,” he said. he said, adding that “the sooner we pass the funding, the faster we can turn the corner on COVID 19.”

Asked about reports that progressive Democrats such as Bernie Sanders and Alexandria Ocasio-Cortez wanted to see direct payments as part of the bill, Biden replied: “ It would be better if they had the $ 1,200, which is maybe still in play. ”

Ocasio-Cortez tweeted Friday: “Canada made $ 2,000 / month. The United States is the richest nation in the world and a second stimulus check is on hold as the GOP wants corporate bailouts and austerity in “trade.” Maybe if everyone in America incorporated into LLC, Mitch McConnell would actually do something for them.

In his remarks, Biden nodded that he had a lot of behind-the-scenes negotiation experience between the two sides and was confident that a deal could be reached. However, many spectators were very skeptical that Republicans are going on board with direct payments. Like Tom Porcelli, Chief US Economist at RBC Capital Markets,recently saidFortune: “I think [more stimulus checks are] is going to be a very tough sell, ”and if the two Senate second-round seats in Georgia leave Senate control in Republicans’ hands in January,“ I think he’s almost a no-beginner.

Interestingly, direct payments was one of the areas Democrats and the White House initially agreed to, but more budget-conservative Republicans left the stimulus checks on a recent one. “skinny stimulus” bill, which has not been passed twice by the Senate. With time running out to pass a bill this year, Biden also warned that not everyone will get everything they want and that when you insist on everything, you can end up with nothing.

Hopefully, Biden has promised that whatever happens this round, this stimulus bill is a “down payment” with “more to come early next year.”

More to read absolutely financial cover of Fortune:


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