As a new wave of coronavirus spreads throughout the United States, threatening to make it very difficult for the next few months despite the announced arrival of vaccinations, on Tuesday, President-elect Joe Biden urged the United States Congress to vote without delay on a new emergency aid bill, promising his fellow countrymen that “aid is coming” in the face of the destruction of the coronavirus crisis on the American economy and society.
“To all those who are struggling now, our message is this: Help is coming,” Joe Biden appealed from his Wilmington, Delaware, home where he was presenting his new economic team, including Janet Yellen, his future Treasury Secretary. Yellen described the current economic crisis as an “American tragedy,” adding that there is an urgent need to move to prevent the recession from self-feeding and triggering evolution.
At the same time, Federal Reserve Chairman Jerome Powell spoke before a Senate committee and said that “without help, the risk is to lead to more inequality.” He cautioned again, amid the real hopes of vaccination in 2021, of the risks to short-term recovery.
Democratic House speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin met for the first time since the November 3 election on Tuesday under pressure from both sides, debating the hot topic of the new support package, as well as state financing programs to avert a “shutdown” that could happen without agreement on December 11. After this interview, however no specific information was leaked.
At this meeting, however, hope remains alive, especially because a bipartisan group of elected officials drafted a new $908 billion stimulus plan on Tuesday in the Senate. The proposal will be a compromise between the $2,000 billion the Democrats have been claiming for months and the $500 billion minimum package the Republican senators have endorsed so far.
“It would be inexcusable for us to leave the city without an agreement before the Christmas holidays” Democratic Senator Joe Manchin, one of the project’s initiators, said Tuesday.