Biden Faces Tougher Obstacles for Broad Relief Bill Sequel

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  • Bloomberg Quicktake: Now published this video item, entitled “Biden Faces Tougher Obstacles for Broad Relief Bill Sequel” – below is their description.

    President Joe Biden’s soon-to-be-unveiled longer-term economic stimulus package is set for far tougher obstacles in Congress than the pandemic-relief bill that’s on the verge of squeaking through without a single Republican’s backing.

    The “build back better” program that the White House says will be announced after Biden signs the $1.9 trillion aid bill — heading for final passage as soon as Tuesday — will be far more expansive than its predecessor.

    Spanning measures to address infrastructure, climate, health care, inequality and much more, and costing trillions of dollars over a decade, the initiative is far more complex. And Republican opposition to tax hikes will make it all the harder to fund the initiative.

    Biden has the same three options as for his first package: go without the GOP on a bill that’s as expansive as moderate Democrats and Senate rules will allow, dramatically scale back ambitions to lure at least 10 Senate Republicans, or split the program up and pursue a combination of approaches.

    At stake for Biden is achieving the kind of sustained, longer-term fiscal support for the economy that the Obama administration lacked in the wake of the last recession. The Organization for Economic Cooperation and Development on Tuesday more than doubled its 2021 U.S. growth forecast as it incorporated the latest aid package.

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