Biden’s 54 Trillion Bailout Package will Enter the Senate Next Week

The Budget Committee of the US House of Representatives passed on the 22nd. The nine trillion US dollars covid- 19 rescue case will advance the first case of President Biden’s administration to the stage of voting in the House of Representatives. It is expected that the procedure will be completed as soon as Friday and the Senate will enter next week. Related agenda; White House chief economic adviser said that Biden will promote a long-term economic reconstruction plan next.

US media reported that the Budget Committee of the House of Representatives passed the case with a party stance of 19-16 votes. Senate Majority Leader Schumer stated that with the cooperation of the Senate and House of Representatives, the plan is expected to be launched on March 14. The daily additional unemployment compensation plan was passed before its expiration and sent to Biden for signing into law.

The purpose of the bill is to stimulate the U.S. economy and implement Biden’s plan to provide more funds to promote the  vaccine and other medical facilities; it also includes speeding up the provision of a new round of direct payments to American families and extending federal unemployment benefits. Assist state and local governments.

Treasury Secretary Yellen said that how quickly the U.S. unemployment rate will return to pre-epidemic levels is her criterion for judging the success of the case; she and Fed Chairman Bower both believe that the true U.S. unemployment rate should be Higher than the official six. After considering those who quit the job market and involuntary part-time jobs, the unemployment rate may soar to 10%, compared with three before the epidemic. Fives%.

Yellen said that there may be speculation in some sectors, “we should be very careful”, and the government is seeking to increase corporate tax to 28%, raising capital gains may be “worthy of consideration.”