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Markets held their breath waiting for the Biden package

Markets in the United States have caught their breath, awaiting the fate of President Joe Biden’s $ 1.9 trillion economic package.

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Biden and the Democrats insist that the package be accepted in Congress. However, Republicans have an objection. Republicans consider the amount in the package to be too much.

In this context, 10 Republican senators, considered moderate, met with Biden in the White House.

They brought a $ 618 billion proposal to the White House.

Although Republican senators say the meeting was positive, Biden and Democrats seem determined not to back down on the $ 1.9 trillion package.

Reconciliation of the two parties is very difficult at this stage. Because there are very important differences between the two packages discussed in public.

Biden’s economic package is $ 1 trillion and 900 billion, but the package proposed by Republican senators is only a third of that.

When there is so much difference between the quotes, there is a big difference in the details.

While Republicans consider only $ 20 billion to open schools and universities, this is $ 170 billion in Biden’s package.

While $ 350 billion is allocated for state and local governments in the $ 1.9 trillion package, no shares are allocated for state and local governments in the Republican package.

Biden directly demands $ 1,400 from Americans, while Republican senators offer $ 1,000. They want this help to go to those with an annual income of less than $ 50,000. The total income of married couples must be less than $ 80,000 per year.

Democrats are determined to pass the president’s suggested number through Congress without Republican support, contrary to the Republican senators’ proposal, which Biden called “less.”

Senate Majority Leader Chuck Schumer said: “We share President Biden’s view that this bill goes beyond parties. But the work must go on. We will not dilute, pause or delay. Because the needs of the American people are too great, “he said.

In this context, they surpassed the barrier of 60 votes so that the majority of the bills were accepted in the Senate.

With the vote held in the Senate, which ended with a vote of 50 to 49, the Democratic package opened the way to be accepted with its own votes.

Time is running out for the Senate to consider the package.

The goal is to pass the $ 1.9 trillion Corona economic package through the Senate and House of Representatives by March.

Some aid programs implemented after the March pandemic are coming to an end, and Democrats want their own economic packages to go into effect when these programs end.

Bernie Sanders, chairman of the Senate Budget Committee, said he expects the package to be accepted in a few weeks.

Sanders used the phrase: “For some countries, this period may be long, but for the US Senate, the speed of light.”

But will the views of Republicans be ignored? White House spokesperson Jen Psaki gave her response.

Psaki said: “Republican views can be added at later stages, they can come up with proposals for change. However, the president’s priority is this package. The risk here is not that the contents of the package grow too large, as you have said many times, but that it decreases even more. Therefore, he supports the efforts of Senator Schumer and Speaker of the House of Representatives Pelosi to move the package forward, ”he said.

Congress had previously accepted a total of $ 4 trillion in economic packages to support the economy during the epidemic period.

Continuation of the article Here.

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