Skip to content
Search

Latest Stories

Biden to announce more pandemic economic relief next week

US president-elect Joe Biden said Americans need more economic relief from the coronavirus pandemic now and that he will deliver a plan costing 'trillions' of dollars next week.

Biden, introducing several members of his economic team, spoke on Friday(8) after data showed the US economy lost jobs for the first time in eight months in December as a resurgent Covid-19 pandemic shuttered restaurants and other businesses.


He said the proposal includes relief for state and local governments grappling with the pandemic, as well as new support for people who lost their jobs or cannot afford rent.

Biden also called for raising the minimum wage to $15, a campaign promise, and for sending out $2,000 in direct cash payments. Democrats sought those cash payouts in the last relief bill, passed in December, but only were able to get Republicans to agree to $600.

"We need more direct relief flowing to families, small businesses, including finishing the job of getting people that $2,000 relief direct payment. $600 is simply not enough," he said.

Biden said he would unveil the plan on Thursday(14).

The Democrat, who takes office on January 20, emerged emboldened from a pair of Senate elections this week in Georgia that handed Democrats a majority in that chamber to complement control of the House of Representatives. The majorities could allow Biden to pass larger spending bills.

Biden's initial plan was for a bill under $1 trillion but he said on Friday that "economic research confirms that with conditions like the crisis today, especially with such low interest rates, taking immediate action - even with deficit financing - is going to help the economy."

Speaking to reporters as he announced his nominees to head the Commerce and Labor departments, the president-elect said action was needed to help Americans get to the other side of the health and economic crisis, and to "avoid a broader economic cost that exists out there, that will happen due to long term unemployment, hunger, homelessness and business failings."

Markets have reacted quickly to expectations that government spending will rise since Democrats won the Georgia elections, with stock indexes rising and the interest investors demand on 10-year US Treasury bonds climbing to their highest levels since March.

Yet Republicans and even some Democrats may be resistant to greater deficit-fueled spending, with Sen. Joe Manchin, a Democrat from West Virginia, among those who initially greeted the idea skeptically.

Biden's transition team also said on Friday that they are looking into other economic relief actions they can take unilaterally, including extending a pause on repayments of federal student loans.

More For You

Anoushka Shankar

Anoushka Shankar will perform Passages in full in a Brighton Festival

Getty Images

Anoushka Shankar, Rachel Portman, and Susanna Mälkki to perform at Brighton Festival 2025

Brighton Festival 2025 is set to bring an exciting array of collaborative classical performances that span centuries and generations, with a dynamic lineup of artists showcasing music from across the ages. The festival's classical programme, curated under the artistic direction of the Grammy-nominated sitarist and composer Anoushka Shankar, promises a journey through time with performances that bridge both the Baroque period and modern orchestral works.

Anoushka Shankar will also be gracing the stage herself, performing music by her father, the legendary Ravi Shankar, alongside the Britten Sinfonia and Indian classical musicians, in a rare live rendition of Passages, an album created by her father in collaboration with the minimalist composer Philip Glass.

Keep ReadingShow less
modi-trump-getty
Modi shakes hands with Trump before a meeting at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)

US trade officials in India for talks as tariff deadline nears

US OFFICIALS arrived in India on Tuesday for trade discussions ahead of the implementation of tariffs announced by president Donald Trump.

The meetings come as the US moves forward with reciprocal tariff measures affecting multiple countries, including India.

Keep ReadingShow less
reeves-spring-statement

To prevent a budget deficit, Reeves has announced cuts to disability welfare payments and reductions in government departmental budgets, citing global economic uncertainty.

Government cuts growth forecast, announces public spending cuts

THE UK government reduced its 2025 growth forecast by half on Wednesday and announced spending cuts to manage public finances amid economic challenges.

The Spring Statement update comes as the Labour government, which won a landslide election in July, faces slow economic growth and rising borrowing costs.

Keep ReadingShow less
Ben Affleck

Ben Affleck and Jennifer Lopez at a red carpet event before their split

Getty Images

Ben Affleck opens up on divorce as Jennifer Lopez buys £14M home : ‘We were just too different’

Ben Affleck has finally addressed his split from Jennifer Lopez, offering an insight into why their marriage ended after just two years. In a recent interview with GQ, the actor reflected on their relationship, emphasising that their differences played a major role in their separation.

Affleck and Lopez, who rekindled their romance in 2021 and married in 2022, filed for divorce in 2024, citing “irreconcilable differences.” Despite months of speculation about behind-the-scenes drama, Affleck dismissed any notion of a major fallout, stating that their breakup was not due to a single incident or controversy.

Keep ReadingShow less
IPL 2025: SRH vs LSG in a High-Stakes Battle for Crucial Win

Lucknow Super Giants and Sunrisers Hyderabad have faced each other four times in the IPL so far

Getty Images

IPL 2025: Hyderabad and Lucknow clash in search of a crucial win

The seventh match of the 2025 Indian Premier League (IPL) season will see Sunrisers Hyderabad (SRH) take on Lucknow Super Giants (LSG).

The much-anticipated clash is set to be held at the Rajiv Gandhi International Stadium in Hyderabad on March 27, with the action beginning at 7:30 PM IST.

Keep ReadingShow less