The short term unemployment benefits may need to be traded for a new round of coronavirus stimulus by Biden before the year ends.
Getting a new round of funding from Congress before the year ends will be as challenging task. President Elect Biden’s team is hopeful of passing on some relief funding before the year ends.
Biden met two top democrats to take on a more active role and has been pressing the Congress and the present administration to pass a new Coronavirus stimulus before his swearing in on January 20th 2021.
Biden’s team has said that they agreed that the Congress in the lame duck session had to pass a bipartisan emergency aid package. They mentioned that there was an agreement that apart from looking into priorities like supporting small businesses and other aspects it was also supported to include tackling the Coronavirus.
Similar to Obama’s coming to office during an economic crisis; Biden too is doing the same. Obama had to work with the Bush administration to explore ways to get the American economic crisis up and on its feet.
Before they can get any stimulus the Democrats have to approach Mitch McConnell- Senate Majority leader who has been very consistent in mentioning what the options are. The Paycheck protection programme along with funds that never got spent from the original CARES act are being looked at for propping up small businesses. Bills similar to these have reached the floor of the Senate and are pending approval.
A larger stimulus package in excess of $2 trillion is being held on to by the Democrats, and they are hopeful that waiting for those after the inauguration may raise the chances of it happening.
With the Coronavirus surging ahead, Biden feels there is a dark winter ahead.