Friday, 04 Dec 2020 05:54 AM MYT
With just weeks left before President-elect Joe Biden takes office, Republicans and Democrats remain at odds over what should be included in a new spending package to help businesses and families struggling from the damage inflicted by Covid-19. Combined with Pandemic Unemployment Assistance — which goes to people who normally would not qualify for benefits — there were still more than a million new claims for some form of benefit last week.
But Republican Senate Majority Leader Mitch McConnell continues to press for a much more limited plan of about US$500 billion that repurposes unspent funds from the US$2.2 trillion CARES Act approved in March.“Compromise is within reach,” he said on the Senate floor, describing his proposal as “serious and highly targeted relief” that contains “elements which we know the president is ready and willing to sign into law.
Biden’s Treasury secretary nominee Janet Yellen on Wednesday called the crisis “an American tragedy.” “The plunge in initial claims does not refute the idea that the trend is rising,” said Ian Shepherdson of Pantheon Macroeconomics.