Biden endorses $908B coronavirus relief plan from bipartisan group of senators

President-elect Joe Biden endorsed a $908 billion coronavirus relief proposal from a group of bipartisan senators, saying it "wouldn't be the answer" but would provide immediate help to American workers and businesses reeling from the pandemic.

Speaking to a virtual roundtable of workers and small businesses on Thursday, Biden said lawmakers are "trying like the devil" to pass another round of emergency aid. But he suggested the framework unveiled Tuesday by a bipartisan coalition of moderate senators and endorsed by the House Problem Solvers Caucus, a group of 25 Democrats and 25 Republilcans, would not pass while President Trump was still in office.

"The president said he wouldn't support it, and apparently Republicans in the Senate said they wouldn't support it," he said. "So it's now back to square one again." (It's unclear where Trump stands on the issue; Sen. Lindsey Graham, R-S.C., said Thursday that $908 billion is "well within the ballpark of what he would support).

For months, Congress has tried to pass another coronavirus relief deal, but lawmakers remain sharply divided over the size and scope of the legislation. Still, there were signs this week that both sides were trying to break the logjam.

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House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer cut their demands for at least $2.2 trillion in new spending and threw their support behind the $908 billion deal as a "starting point" in negotiations. Senate Majority Leader Mitch McConnell, who spoke with Pelosi by phone on Thursday for the first time since the 2020 election, said that "compromise is within reach."

With just five legislative days left on their calendar, it's unclear whether lawmakers will be able to overcome the deadlock and reach an agreement that will be able to pass both chambers of Congress and that Trump will sign.

Biden said he will continue to pursue additional stimulus measures once he's sworn in as president on Jan. 20. even if lawmakers pass the proposal, which includes funding for small businesses through the Paycheck Protection Program, boosted aid for unemployed Americans at $300 a week through March and $240 billion in relief for state and local governments, as well as a temporary moratorium on COVID liability lawsuits to allow states enough time to design their own laws.

“That would be a good start. It’s not enough,” he said during a CNN interview on Thursday night. "I think it should be passed. I’m going to ask for more … when we get there to get things done.”

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Renewed relief talks come at an increasingly perilous time for the nation as it teeters on the brink of another economic downturn. COVID-19 cases are surging — on Wednesday, the U.S. reported its highest number of coronavirus deaths in a single day with 3,157 new fatalities — state and local governments are implementing more restriction measures and new unemployment insurance claims are rising.

At the same time, safety nets set up in the early days of the pandemic with the passage of the March CARES Act have already lapsed or are set to do so at the end of December. About 12 million laid-off workers will be left with no income on Dec. 26 after two key federal jobless aid programs expire, according to one estimate from the Century Foundation, a nonprofit think tank.

During congressional testimony this week, Federal Reserve Chairman Jerome Powell reiterated his plea to lawmakers to pass another stimulus package to help the economy get through the winter.

“It would be very helpful and very important that there be additional fiscal support for the economy, really to get us through the winter,” Powell said. “I think we made a lot of progress faster than we expected, and now we have a big spike in COVID cases, and it may weigh on economic activity. People may pull back from activities they were being involved in or not engage in new activities.”

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