Stimulus: 120 economists call for 'substantial' coronavirus relief bill, back Biden's $1.9 trillion proposal
A group of 120 economists on Thursday urged Congress to back President Joe Biden's $ 1.9 trillion bailout proposal before much of the aid from the $ 900 billion stimulus agreement expires.
"Unfortunately, the steps taken by the previous administration and Congress were not enough to help families and businesses weather the storm and not fully recover our country's economy," said the letter signed by the economists. "It is important for Congress to immediately pass a new coronavirus aid package that will provide additional support to families and businesses facing a harsh winter."
Read more: Do the following if you haven't received your stimulus check
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Biden this month unveiled a $ 1.9 trillion bailout plan that includes $ 1,400 stimulus payments, an extension of key unemployment programs that expire in March, $ 350 billion for state and local governments, and an increase in the Includes tax credits for low and middle income families. and $ 160 billion for a national program of vaccinations and testing.
The plan would also extend a federal moratorium on evictions and foreclosures through September, allocating billions of dollars on food insecurity.
"While the COVID relief package passed in late 2020 was better than nothing, it was too little and too late to address the extent of the deteriorating situation," said the letter signed by Gene Sperling, former director of the National Economic Council below Among others, President Clinton and President Obama as well as Joseph Stiglitz, Nobel Laureate in economics.
Read more: Here's what's in Joe Biden's $ 1.9 trillion rescue plan that could help your wallet
Biden said he hoped to get his proposal forward with bilateral support from both houses of Congress, but numerous GOP senators expressed concerns about the price of the plan and the rising deficit. Senator Mitt Romney (R-UT) called the $ 1.9 trillion price tag "pretty shocking" in an interview with Fox News on Sunday.
"There's a lot of money, and that's not monopoly money," Sen. Angus King (I-ME) said in an interview with NPR on Monday. "We borrow this money from our grandchildren."
U.S. President Joe Biden signs Executive Orders for Healthcare in the Oval Office of the White House in Washington, DC on January 28, 2021. (Photo by MANDEL NGAN / AFP via Getty Images)
The suggestion that the county cannot afford any further relief has helped "exacerbate and prolong the damage caused by the 2008 financial crisis," the letter said.
"History shows that in what is viewed by many as the greatest economic disaster since the Great Depression, our nation cannot afford inactivity or shyness," the letter said.
If Biden's full $ 1.9 trillion plan is adjusted by March, Moody's Analytics estimates that 10 million jobs would be added by fall 2022, enough to bring the job market back to pre-pandemic levels.
In addition, more than 11.6 million people would be lifted out of poverty and child poverty cut in half by 2021 if Biden's plan were implemented. This comes from an analysis by the Center for Poverty and Social Policy at Columbia University.
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The Senate is expected to begin debating Biden's relief plan next week. Meanwhile, the Democrats are also preparing the reconciliation process, which would allow them to pass some of the auxiliary provisions by 51 votes, and would not need GOP Senator support, according to Senate Majority Leader Chuck Schumer (D-NY).
"The first step in implementing the COVID aid laws for reconciliation would be the adoption of a budget resolution," said Schumer at a press conference on Tuesday. "I have informed the senators that a vote on a budget resolution could take place next week."
Denitsa is a writer for Yahoo Finance and Cashay, a new personal finance website. Follow her on Twitter @denitsa_tsekova.
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