Bitcoin News and Finance More Stimulus Coming? President Biden and Senate Democrats Press for Another $3 Trillion Skip to main content

More Stimulus Coming? President Biden and Senate Democrats Press for Another $3 Trillion

On the heels of the last stimulus package, U.S. President Joe Biden is creating more legislation that may lead to a massive $3 trillion package dedicated to domestic needs and infrastructure. The recent discussions with Biden and Senate Democrats honed in on the political party’s “Build Back Better” campaign. The recent stimulus talks have a few economists feeling optimistic about the future of the American economy, while Treasury Secretary Janet Yellen has said: “the next stimulus bill will have to be paid for through higher tax rates.”

Biden and Senate Democrats Push for Infrastructure Relief Stimulus Estimated to be Around $3 Trillion

The U.S. government doesn’t seem to want to stop creating money, as talks of passing more stimulus legislation have increased almost right after the passing of $1.9 trillion just a few weeks ago. Despite the fact that average Americans are concerned about purchasing power and inflation, central bank members and politicians continue to find ways to create more funds.

Reports have noted that U.S. President Joe Biden met with fellow Democrats on Monday about a relief package that will help fund infrastructure. Columnists from Marketwatch and the New York Times say that the package will be around $3 trillion and it is focused on family-friendly policies and rebuilding infrastructure like hospitals and school programs.

Fresh after U.S. President Joe Biden and Congress passed the recent $1.9 trillion Covid-19 relief package, Biden and Senate Democrats are looking to push another stimulus package estimated to be around $3 trillion. Politicians claim the money will be dedicated to infrastructure, Biden’s “Build Back Better” campaign, and the Democrats’ “Green New Deal.”

Prior to the virtual meeting with Senate Democrats and Biden, Sen. Richard Blumenthal, D-Conn., said “We need to get it done.” However, word on the street from Democrats is Senate Republicans don’t want to play ball.

The myriad of reports also highlights that the $3 trillion number is not set in stone and nothing from the new proposal has been fully drafted. Although, the Associated Press has said that the “overall price tag first reported Monday by the New York Times has been circulating on Capitol Hill for weeks, since the start of the Biden presidency.”

Nancy Pelosi, the House Speaker, told the Democratic committee that they all need to reach out to their fellow Republicans in order to “craft a big, bold and transformational infrastructure package.” Moreover, the House Speaker asserted that such a package would bolster “people in every zip code by creating good-paying jobs for the future.”

However, Biden’s Treasury Secretary Janet Yellen has said that the next stimulus measure will likely come with a price tag. “The next stimulus bill will have to be paid for through higher tax rates,” Yellen was quoted as saying and rumor has it, Biden’s plans could adjust corporate taxes from roughly 21% to 28%.

Goldman and S&P Global Are Positive About More Stimulus, Republican leader Mitch McConnell Calls the Package a ‘Trojan horse’ of ‘Left-Wing Policies’

Even though the Treasury Secretary discussed raising taxes, economists at Goldman Sachs grew more optimistic and a U.S. chief economist at S&P Global said the stimulus would help the economy. This week, Axios contributors have noted Goldman economists have recently revised their outlook after discussions of stimulus heated up. Goldman now forecasts real consumption will jump by 9.5% in Q1 and 12.5% in Q2. Meanwhile, Beth Ann Bovino, the economist from S&P Global, thinks a stimulus package would kickstart the economy.

Bovino said:

Stimulus helps build the bridge for the recovery to reach the other side, but an investment in infrastructure is the fuel to jump-start the economic engine.

Democrats are ready to push out another three trillion clearly before the ink has dried after Biden signed the last two trillion-dollar package. The party seems to be playing directly out of the Modern Monetary Theory (MMT) playbook.

Republican leader Mitch McConnell doesn’t seem to like the recent Democrat-infused infrastructure proposal, according to his statements on the Senate floor Monday morning. After U.S. President Joe Biden signed the recent $1.9 trillion Covid-19 relief package, McConnell told the public as far as economic recovery was concerned the “tide had already turned.” “The American people already built a parade that’s been marching toward victory,” McConnell said at the time. “Democrats just want to sprint in front of that parade and claim victory.”

With more stimulus, the Treasury Secretary’s warning of higher taxes may ring true in the future. Meanwhile, a number of right-wing politicians have already spoken out against the Democrat’s recent push for another relief package. Republican leader Mitch McConnell seemed irritated by the proposal on Monday speaking to the Senate.

“We’re hearing the next few months might bring a so-called infrastructure proposal that may actually be a Trojan horse for massive tax hikes and other job-killing, left-wing policies,” McConnell said to his fellow colleagues.

What do you think about the U.S. government pushing out a $3 trillion relief bill after passing the recent $1.9 trillion just a few weeks ago? Let us know what you think about this subject in the comments section below.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory