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Jan. 14, 2021, 7:46 a.m. EST

Biden to propose $2 trillion of extra spending: report

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By Steve Goldstein

President-elect Joe Biden will propose a $2 trillion increase in fiscal spending to help the U.S. economy get through the coronavirus pandemic, according to a published report.

CNN reported that Biden, who is due to speak in Wilmington, Del., on Thursday, will outline a proposal that will include more direct payments to American families and significant state and local funding. CNN’s report sent the yield on the 10-year U.S. Treasury /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +0.47% higher.

U.S. stock futures /zigman2/quotes/209948968/delayed ES00 +0.24% and European stocks /zigman2/quotes/210599654/delayed XX:SXXP +0.90% advanced on Thursday morning.

The Biden plan comes amid signs the U.S. economy is struggling. The U.S. lost 140,000 jobs in December, with the unemployment rate staying at 6.7%, according to the Labor Department.

Biden’s proposal is a long way from becoming law, as the Democrats can’t afford to lose a single vote in the U.S. Senate. West Virginia Sen. Joe Manchin has already expressed opposition to increasing stimulus checks to a total of $2,000 from the $600 that has already been passed, though Florida Sen. Marco Rubio, a Republican, said he is in favor of such a move.

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