💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Biden to request $11.7 billion in Ukraine aid, $22.4 billion for COVID relief

Published 09/02/2022, 12:31 PM
Updated 09/02/2022, 01:10 PM
© Reuters. FILE PHOTO: U.S. President Joe Biden delivers remarks on what he calls the "continued battle for the Soul of the Nation" in front of Independence Hall at Independence National Historical Park, Philadelphia, U.S., September 1, 2022. REUTERS/Jonathan Ernst/

WASHINGTON (Reuters) -U.S. President Joe Biden will request $11.7 billion in emergency funding from Congress to provide lethal aid and budget support to Ukraine, and $22.4 billion for COVID-19 relief ahead of a potential fall case surge, the White House said on Friday.

The emergency funding request will also include $2 billion to address the impact of Russia's war in Ukraine on U.S. energy supplies, Shalanda Young, director of the White House Office of Management and Budget (OMB), wrote in blog post.

The $47.1 billion request comes ahead of the conclusion of the 2022 fiscal year on Sept 30. Congress has not yet passed a 2023 funding bill, and Young said lawmakers would likely need to pass a stopgap funding measure allowing them more time to negotiate a more comprehensive fiscal package.

The White House's requests for the stopgap measure, known as a continuing resolution (CR), will also include $3.9 billion in funding to fight against an outbreak of the monkeypox virus and $6.5 billion for natural disaster relief, Young wrote.

Congress is expected to grapple with CR discussions to keep the government fully operating beyond Sept. 30 when lawmakers return from summer recess next week.

The CR legislation could become an avenue for Congress to include Biden's emergency requests, known as anomalies. It is also an opportunity for Congress to quickly approve such funds while Democrats and Republicans argue about spending priorities for the full fiscal year.

© Reuters. FILE PHOTO: U.S. President Joe Biden delivers remarks on what he calls the

The Biden administration has received bipartisan support in giving Ukraine more than $13.5 billion in security assistance since January 2021. Young said around three-quarters of Congress-approved aid for the country has been committed or disbursed.

"We have rallied the world to support the people of Ukraine as they defend their democracy and we cannot allow that support to Ukraine to run dry," Young said.

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.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.