Biden Pledges to 'Act Fast' on $1.9 Trillion Stimulus Package
Investing.com
Published Feb 05, 2021 12:34PM ET
Updated Feb 05, 2021 12:53PM ET
By Yasin Ebrahim
Investing.com - President Joe Biden pledged Friday to "act fast" on getting his $1.9 trillion stimulus through Congress, saying it was "very clear" the economy was in trouble following a weaker-than-expected rebound in the labor market last month.
"It's very clear our economy is still in trouble," Biden said during televised remarks on Friday. "We added just 6,000 private sector jobs in the economy last month ... at time when 10 million people are out of work," he said, following Friday's jobs report showing just 49,000 jobs were created in January.
This "once in a century virus has decimated the economy ... we're still in the teeth of this pandemic as January was the single deadliest month of the whole pandemic." Biden added: "I'm going to act. I'm going to act fast."
The president pledged to go it alone if efforts to win over the support of the 10 Republican votes needed in the Senate to pass the bill end up delaying passage of the fiscal package.
The Senate approved a budget bill early Friday, paving the way for passage of Biden's "American Rescue Plan."
If its a choice "between getting help right now to Americans who are hurting so badly and getting bogged down in a negotiation, or compromising in a bill ... I'm going to help the American people who are hurting now," Biden said. "That's why I'm so grateful to the House and Senate for moving so fast on the American rescue plan."
Get The News You Want
Written By: Investing.com
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.