Biden says action on COVID-19 stimulus needed 'now'

Published 01/29/2021, 11:41 AM
Updated 01/29/2021, 05:41 PM
© Reuters. U.S. President Joe Biden receives economic briefing with Treasury Secretary Janet Yellen at the White House in Washington

WASHINGTON (Reuters) -U.S. President Joe Biden said on Friday that Congress needs to take immediate action on his $1.9 trillion COVID-19 relief proposal, adding that most economists believe additional economic stimulus is needed.

"We have to act now," Biden told reporters at the White House. "There is an overwhelming consensus among economists ... that this is a unique moment and the cost of inaction is high."

The president later said he supported passing COVID-19 relief with or without Republican help.

"I support passing COVID relief with support from Republicans, if we can get it. But the COVID relief has to pass with no ifs, ands or buts," Biden said.

Biden spoke as Democrats who lead the U.S. Senate and House of Representatives prepared to take the first steps next week toward delivering fresh assistance to Americans and businesses reeling from a pandemic that has killed more than 433,000 people.

Congress enacted $4 trillion in COVID-19 relief last year.

On Thursday, Senate Majority Leader Chuck Schumer said the sharply divided chamber would begin work on robust legislation next week, despite misgivings among Republicans and some Democrats about the size of Biden's proposal.

With the 100-seat Senate split 50-50 and Vice President Kamala Harris wielding the tie-breaking vote, Democrats are preparing to use a parliamentary tool called "reconciliation" that would allow the chamber to approve COVID-19 relief with a simple majority. Because of Senate rules, legislation usually requires 60 votes to pass in the chamber.

© Reuters. FILE PHOTO: U.S. President-elect Joe Biden delivers remarks on the U.S. response to the coronavirus disease (COVID-19) outbreak, at his transition headquarters in Wilmington

"There is no time for any delays," Biden said on Friday. "We could end up with 4 million fewer jobs this year ... It could take a year longer to return to full employment if we don't act and don't act now."

House Speaker Nancy Pelosi predicted on Thursday that both chambers of Congress would be ready to move forward through reconciliation by the end of next week.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.