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Biden calls the COVID bailout plan “urgently needed” as the Senate in.

President Joe Biden on Friday called his nearly $ 2 trillion COVID bailout plan an urgent priority as the Senate was aiming to vote for drastic measures soon tonight or Saturday morning.

“Today’s employment report shows the urgent need for an American rescue program,” Biden told reporters when he was briefed by Treasury Secretary Janet Yellen at the White House about the economy.

The government reported that the United States added 379,000 jobs In February, hiring accelerated. The unemployment rate has dropped from 6.3% to 6.2%. However, the United States has a long way to go to catch up with pre-pandemic levels.

While the Senate was discussing a $ 1.9 trillion plan, Biden said, “It’s absolutely essential to turn this around, safely bring children back to school, give SMEs a lifeline, and gain an edge in COVID-19. Is. “

But the process in Congress’s Senate wasn’t all that smooth. What was expected to be a long amendment process that could last until Saturday was the first vote, the procedural amendment to the minimum wage increase, which remained open after all senators voted. did.

Senate Democrats advertised earlier that day an arrangement to extend the pandemic-related unemployment program to October instead of late August. Their current end date is March 14, and Democrats are eager to go through the extension and avoid the expiration of unemployment benefits under the program.

It would also have exempted some of the unemployment allowance from federal taxes. This is an idea intended to avoid a sudden tax bill on beneficiaries last year.

However, the proposal, which said Senator Ron Wyden, chairman of the Finance Committee, had talked with Democrats with various ideological stripes, expressed concern about the generosity of unemployment benefits, moderate West Virginia Democrat Joe. It seemed that Manchin was in danger of sinking.

“I think Democrats are a little confused right now, that is, they can basically stop acting on the floor and convince all members to be together in some of these votes. “I did,” Senator John Thune, the second-ranked Republican in the Senate, told reporters.

Key provisions of the bill include direct payments of $ 1,400 to many Americans, funding for vaccine distribution, and expanded child tax deductions.

U.S. stocks
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It rose sharply on Friday afternoon following a job report.

Biden calls the COVID bailout plan “urgently needed” as the Senate in.

http://www.marketwatch.com/news/story.asp?guid=%7B21005575-02D4-D4B5-4572-D2E73E538B1D%7D&siteid=rss&rss=1 Biden calls the COVID bailout plan “urgently needed” as the Senate in.

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