Source: Wall Street News
Author: Zeng Xinyi
According to CNN quoting people familiar with the matter, January 14 ESTOn Thursday evening,Biden will announce the details of America's new epidemic relief plan. Biden's aides recently told allies in Congress that the size of the aid program is about $2 trillion.
Also, according to a lawmaker who has been in close contact with the Biden team, although the exact scale may still change, the Biden team “set great goals” for this package plan.
On Friday, Biden proposed a multi-trillion dollar economic stimulus plan in his speech. “We now need fiscal spending, and the entire package will reach trillions of dollars... To prevent economic collapse and deterioration this year, we now need to invest a lot of money to develop the economy.”
According to previous media reports, Biden's economic stimulus plan will be divided into two steps: the first is to distribute $2,000 in cash aid for the pandemic per person, and the second is to pass a $3 trillion tax and infrastructure plan.
Wall Street was quite surprised by Biden's move. The reason for this is that Wall Street's previous expectations were that it would be difficult for the Democratic government to come up with a stimulus bill exceeding trillion dollars. Goldman Sachs, for example, believes that after Biden came to power, the size of his stimulus bill was about 750 billion US dollars.
Editor/phoebe