Biden Economic Plan to Test Republican Taste for Dealmaking
Published Date: 1/14/2021
Source: Bloomberg Quicktake: Now
President-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. Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world. To watch complete coverage on Bloomberg Quicktake 24/7, visit http://www.bloomberg.com/qt/live, or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app. Have a story to tell? Fill out this survey for a chance to have it featured on Bloomberg Quicktake: https://cor.us/surveys/27AF30 Connect with us on… YouTube: https://www.youtube.com/user/Bloomberg Breaking News on YouTube: https://www.youtube.com/c/BloombergQu... Twitter: https://twitter.com/quicktake Facebook: https://www.facebook.com/quicktake Instagram: https://www.instagram.com/quicktake