Ten GOP senators to meet with President Joe Biden on stimulus deal compromise
A group of Republican senators held «productive discussion» with President Biden on a new economic aid package to overcome the consequences of the pandemic, but no agreement was reached. This was stated by Senator Susan Collins.
According to her, the meeting at the White House was «excellent», and she hopes she hopes Congress can pass another economic aid package.
President Biden and Vice President Kamala Harris held «substantial and productive discussion» at the White House with Republican senators. The American leader told the senators that their $ 618 billion economic aid package does not meet the challenges in many areas, the White House said in a statement..
According to the analysis published on Monday S&P Global, President Biden’s $ 1.9 Trillion Coronavirus Proposal By This Summer Will Restore Economy To Pre-Pandemic Level.
«We found that if the $ 1.9 trillion package were accepted, the U.S. economy would hit pre-crisis levels in the second quarter of 2021.», – the report says.
In terms of job creation, S&P said the infusion of public funds is likely to drive unemployment below 4 percent by mid-2023, a year earlier than the current forecast. National unemployment rate stood at 6.7 percent in December, according to the latest figures from the US Department of Labor.
S&P also analyzed a $ 618 billion counter-proposal from a group of 10 Republican senators. This measure is also projected to accelerate economic growth, but over time it will maintain a lower growth trajectory..
The report came out on the same day as the Congressional Budget Office report, which predicts an economic output gap of $ 808 billion over the next four years. This means that a smaller aid package proposed by Republican senators may be sufficient to restore economic growth..