Biden to propose $ 2 trillion of additional spending: report

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President-elect Joe Biden will propose a $ 2 trillion increase in fiscal spending to help the US economy weather the coronavirus pandemic, according to a published report. CNN reported that Biden, who is due to speak in Wilmington, Delaware, on Thursday, will outline a proposal that will include more direct payments to American families and significant state and local funding. The CNN report sent the 10-year US Treasury yield TMUBMUSD10Y, up 1.105%.

The United States lost 140,000 jobs in December, and the unemployment rate stood at 6.7%, according to the Labor Department. Biden’s proposal is far from becoming law, as Democrats cannot afford to lose a single vote in the United States Senate. West Virginia Sen. Joe Manchin has already voiced his opposition to increasing stimulus checks to a total of $ 2,000 from the $ 600 already approved, although Florida Sen. Marco Rubio, a Republican, said he favors such a measure.