On Thursday, hours before President-elect Joe Biden unveiled a large initiative to help the U.S. economy in the wake of the coronavirus epidemic, the New York Stock Exchange finished marginally lower. The media was concerned around two trillion dollars, in comparison to the 900 billion dollar proposal adopted in late December. Fed President Jerome Powell, for his part, has told the U.S. central bank that it is not going to minimize its funding for markets. Jobless registrations surged last week in the U.S. work market, topping a million in the wake of a revival of the Covid-19 outbreak.
At the close, the Dow Jones index dropped 0.22 percent to 30,991 points, while the large S&P 500 index fell 0.38 percent to 3,795 points, and the technology-rich and biotech-rich Nasdaq Composite index fell 0.12 percent to 13,112 points. All three indices, however, traded less than 1% of their historical highs on January 8.
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Joe Biden’s $2 trillion stimulus bill is a very high sum, though, is below recent rumors of the assistance of up to $3,000 billion. Joe Biden talked last week, without elaborating, about “thousands of billions of dollars” in funding.
The proposal would provide support for the provision of Covid-19 vaccinations, unemployment benefits, state and local aid, and direct assistance to Americans, according to Biden’s transition team. Therefore, an additional check of $1,400 per adult citizen is listed, which will be paired with that of $600 contained in the proposal introduced before Christmas for $900 billion.
The new administration of Biden, which will formally assume office on 20 January, plans to urge Congress to vote on this ‘package’ as a priority (both chambers of which are currently dominated by Democrats). In specific, Joe Biden’s transition team has urged the Senate to ensure that Donald Trump’s impeachment process does not prolong the review of the budget stimulus package.
The House of Representatives passed the bill on Wednesday, impeaching the outgoing president for encouraging his followers to spark disturbances on January 6 on Capitol Hill. In the Senate, where a two-thirds majority is required, the bill also has to be approved, which may be challenging, although some Republican senators have suggested they would vote in favor of Donald Trump’s impeachment.