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President-elect Joe Biden urged lawmakers today to quickly pass coronavirus relief.
“One of the urgent things that need to be done is people need relief right now — right now: small businesses, people who are about to be evicted from their homes because they can’t pay their mortgage, unemployment insurance,” Biden said at a press conference.
He emphasized that a failure to provide cash to local governments could lead to layoffs of first responders and firefighters.
He also seemed to call out President Trump to get something done during his lame duck period.
“I would hope the president at least has the sensitivity and knowledge to know a lot of people are in real trouble right now — between now and the time we get sworn in,” Biden said.
Apparently, Biden has also been communicating with Democratic leaders regarding the planning for the next relief package.
So it seems like the Biden administration is already starting to put together a plan but with the Senate still likely controlled by Republicans, it’s not clear how successful they will be.
I wrote about how Senate majority leader Mitch McConnell is gearing up to propose his third skinny stimulus bill and how the unemployment rate may play a large role in dictating the size of the next package.
The last skinny stimulus packages did not include stimulus checks and kept the weekly federal unemployment benefits at $300.
If such a package is proposed with similar terms again, it’s almost a guarantee that Democrats will reject it.
What’s interesting is it looks like the White House is now allowing Mitch Connell to take the lead for negotiations.
His mindset has been much more conservative than the former spokesperson for the White House, Treasury Secretary Steve Mnuchin.
Connell is destined to clash with Biden’s mindset which back in the summer called for a stimulus package a “hell of a lot bigger” than the $2 trillion Cares act.
In fact, it is estimated that Biden’s plan will be valued at $3 trillion which is significantly larger than even what the Democrats were proposing at $2.2 trillion.
With Republicans in control of the Senate, I don’t see any way that such a huge bill ever gets approved.
Therefore, I think we are gearing up for more weeks of stalemate and protracted talks that have the potential to yield little results.
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Daniel Gillaspia is the Founder of UponArriving.com and creator of the credit card app, WalletFlo. He is a former attorney turned full-time credit card rewards/travel expert and has earned and redeemed millions of miles to travel the globe. Since 2014, his content has been featured in major publications such as National Geographic, Smithsonian Magazine, Forbes, CNBC, US News, and Business Insider. Find his full bio here.