A group of Republican senators held a “productive discussion” with President Biden about a new economic aid package to deal with the effects of the pandemic, but no agreement was reached. This was stated by Senator Susan Collins.
The White House meeting was “great,” she said, and she hopes that she hopes Congress can pass another economic aid package.
Joe Biden said he hopes for bipartisan support in Congress, but he “will not agree to a package that is out of date,” the White House said in a statement.
President Biden and Vice President Kamala Harris held “substantive and productive discussions” at the White House with Republican senators. The American leader told the Senators that their $ 618 billion economic aid package is failing to meet challenges in many areas, the White House said in a statement.
According to an analysis published Monday by S&P Global, President Biden’s $ 1.9 trillion proposal to fight the coronavirus by this summer will restore the economy to pre-pandemic levels.
“We found that if the $ 1.9 trillion package were passed, the US economy would hit pre-crisis levels in the second quarter of 2021,” the report said.
In terms of job creation, the S&P said the government infusion is likely to drive unemployment below 4 percent by mid-2023, a year earlier than the current forecast. The national unemployment rate stood at 6.7 percent in December, according to the latest figures from the US Labor Department.
The S&P also analyzed a $ 618 billion counter offer made by a group of 10 Republican senators. The measure is also projected to boost 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.
However, the S&P analysis showed that the American leader’s proposal would maintain a higher growth trajectory.