Biden to call for stimulus checks and more funding for vaccines in Thursday’s speech

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President-elect Joe Biden will unveil his coronavirus relief plan Thursday night, a radical measure that is expected to include elements including cash payments to Americans and money to distribute COVID-19 vaccines. Biden plans to detail his proposals in Wilmington, Delaware, at 7:15 p.m. ET, less than a week before taking office, and a day after the House of Representatives voted to impeach President Donald Trump a second time. historical.

Biden has said the plan will be “in the trillions of dollars,” an injection that he says the US economy needs to combat the economic consequences of the pandemic. CNN said Thursday that the president-elect would propose a $ 2 trillion spending increase, in a report that helped send the yield on the 10-year U.S. Treasury bond TMUBMUSD10Y 1,098% higher and lower prices, given the prospect of higher deficits and increased debt issuance. US stocks, particularly the S&P 500 SPX Index, + 0.17% and the Dow Jones Industrial Average DJIA, + 0.37%, meanwhile, were up ahead of the evening’s speech. Market Snapshot: Dow Trades at Records as Worst Unemployment Claims Report Since August Seen Supporting More Tax Aid Incoming Administration “to Describe its Vaccination and Bailout Legislative Package to Fund Vaccines and Provide Immediate and Direct Relief to Working Families and the communities that are bearing the brunt of this crisis and ask both parties in Congress to move their proposals quickly, “the transition Biden-Harris said in a statement. “The outlines of the package will include direct payments, financing for vaccine distribution, state and local aid, and unemployment benefits, among other policies in our opinion,” analysts at Height Capital Markets said in a note. Now Read: Have You Spent Your $ 600 Stimulus Check Yet? Another could soon be on the way See Also: Biden Says Democrats’ Victories in Georgia’s Runoff Will Lead to $ 2,000 Stimulus Checks Biden is scheduled to open Jan. 20. But the new president may face a challenge in moving quickly with his legislative agenda if the Senate is consumed by impeachment of Trump. Now see: Donald Trump’s impeachment 2.0? Why Stock Market Investors Aren’t Scared Earlier this week, Biden said he had asked if the Senate could “fork” its program to deal with impeachment and its agenda simultaneously. Sen. Chuck Schumer of New York, the incoming Majority Leader, said in an interview published Monday that the chamber can work on both issues at the same time. “We will have to multitask, but we also need to move the agenda,” Schumer told Buffalo News. Opinion: Economy May Need More Public Infrastructure Spending If Pandemic Leaves Americans Saving More Cautiously Biden Will Implement His Plan As The COVID-19 Case Count In The US Surpasses 23 Million, And The Latest Data the Labor Department showed that jobless claims rose to five. Higher month as more workers lost their jobs due to business closures and restrictions to combat the winter resurgence of the pandemic. As part of his plan to combat the pandemic, Biden says he will release available doses of vaccines after taking office on January 20, rather than reserving some for second doses. Now read: Biden plans to distribute COVID-19 vaccine doses immediately Beacon Policy Advisors analysts said that while they believe Biden will try to promote a coronavirus package in a bipartisan way, they expect pressure on the president-elect to use a process known as budget. reconciliation to promote new aid. Budget reconciliation is a procedure that allows laws to be passed by a simple majority instead of two-thirds. Ultimately, we hope that Congressional Democrats, led by Schumer and Speaker of the House of Representatives Nancy Pelosi (D-CA), will convince Biden that the only practical route to achieving the level of attendance that Democrats They believe that it is necessary is through the reconciliation process that only requires a simple majority in the Senate, which allows Democrats to pass the legislation on their own, if they can reach a unanimous agreement on its details among themselves, “said analysts. from Beacon on a note.