The Limited Times

Now you can see non-English news...

Biden promises crisis-affected Americans 'help is coming'

2020-12-02T12:19:59.970Z

Joe Biden promised Tuesday, December 1, to help all Americans recover from the economic crisis, which his future secretary of the Treasury has called "an American tragedy . " As the Covid-19 pandemic caused the worst economic and social crisis since 1929 in the spring, and the recovery is hampered by a new wave of coronavirus infections, the president-elect urged Congress to vote on a plan without



Joe Biden promised Tuesday, December 1, to help all Americans recover from the economic crisis, which his future secretary of the Treasury has called

"an American tragedy

.

"

As the Covid-19 pandemic caused the worst economic and social crisis since 1929 in the spring, and the recovery is hampered by a new wave of coronavirus infections, the president-elect urged Congress to vote on a plan without delay

"robust"

aid

.

“To all who are struggling now, our message is this: Help is coming,”

he said from his home town of Wilmington, Delaware, where he was presenting his future economic team.

“So many people struggle to put food on the table and pay their bills and rent.

It's an American tragedy

,

said Janet Yellen, her future finance minister.

Read also: The Covid-19 brings down the American economy

Joe Biden put together a team of many women, people from minorities and alumni of the Barack Obama era.

According to him, they are

“seasoned”

and

“innovative”

public servants

who will meet the challenges facing America's largest economy.

"It is urgent to act to prevent the recession from becoming self-sustaining and causing further devastation,"

added Janet Yellen, former President of the Central Bank (Fed), whose appointment should be easily confirmed by the Senate, currently controlled by Republicans.

For millions of Americans who have lost their jobs or seen their number of hours reduced, this help must be

"immediate,"

insisted Joe Biden, reiterating his campaign promises, including the creation of well-paying jobs and reducing inequalities.

The statements came shortly after a small group of Democratic and Republican lawmakers unveiled a new $ 908 billion plan to support the economy.

A proposal that has not yet the approval of the outgoing administration of Donald Trump.

We still have a long way to go, we have around 10 million people who have lost their jobs due to the pandemic.

"

Jerome Powell, Chairman of the Fed

Senate Republican Majority Leader Mitch McConnell revealed on Tuesday that he asked the White House what measures the outgoing president would be prepared to enact before his departure on January 20.

On this basis, he circulated another proposal to his parliamentary group to gauge their reaction, without disclosing its content.

For months, Fed President Jerome Powell has also been urging Congress to vote on a new economic support plan taking over from the $ 2.2 trillion emergency plan adopted at the end of March.

Heard before the Senate on Tuesday, he warned that the world's largest economy still had long

“difficult”

months

ahead of it, despite medical advances in vaccines.

"We still have a long way to go, we have around 10 million people who have lost their jobs because of the pandemic,"

he insisted, noting that with the resurgence of the pandemic, many small businesses were in danger of going bankrupt.

The most modest households do not have savings to get through a prolonged crisis, he also noted.

Democratic Speaker of the House of Representatives Nancy Pelosi and Treasury Secretary Steven Mnuchin, chief negotiators, met on Tuesday for the first time since October.

"An additional plan of support against the Covid should have been voted a long time ago and must be adopted"

before the start of the next Congress, on January 3, wrote Nancy Pelosi in a press release.

“We don't have time to waste time.

We only have two weeks left, ”

added Mitch McConnell.

Read also: Covid-19: The United States prepares for an outbreak of cases after Thanksgiving

Democrats and Republicans know time is running out as the spring measures have started to expire.

In addition, the economic recovery, rather sustained in the third quarter, slows down considerably at the end of the year with the new wave of infections with the new coronavirus.

And all eyes are on 2021. Failure to reach an agreement could have serious, longer-term consequences for the economy and millions of Americans.

Some 12 million people are set to lose their unemployment benefits on December 26.

Recent news on the vaccine front is

"very positive in the medium term,"

commented Jerome Powell.

But

"for now, significant challenges and uncertainties remain, including the timing, production and distribution"

of one or more possible vaccines, he argued.

For his part, Steven Mnuchin has called on Congress to dip into $ 455 billion in unused emergency relief funds to fuel a new round of support for households and businesses.

Small businesses

"can't wait two or three months,"

he said.

Source: lefigaro

All business articles on 2020-12-02

You may like

News/Politics 2020-04-28T01:23:24.149Z
News/Politics 2020-08-12T09:55:04.052Z

Trends 24h

Business 2021-01-24T17:08:10.012Z
Business 2021-01-24T16:58:58.619Z
Business 2021-01-24T20:52:41.289Z

Latest

© Communities 2019 - Privacy