June 21, 2021

Biden rejects Bitcoin-sized COVID-19 rescue plan as money printers prime for action

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United States President Joe Biden has rejected a Republican proposal for a COVID-19 relief bill that would have seen $618 billion allocated to struggling American households and businesses.

Biden and newly appointed Treasury Secretary, Janet Yellen, dismissed the sum — just under the size of Bitcoin’s entire market capitalization — as insufficient for stimulating the economy amid the ongoing pandemic, Reuters reported.

Democrats voted along party lines in the U.S. Senate on Jan. 2 to push through Biden’s relief bill that would see the GOP’s proposed sum more than trebled to $1.9 trillion. Senate leader Chuck Schumer told reporters anything less would leave the country managing the crisis for too long. Referring to the GOP’s initial $618 billion proposal, Schumer said:

“If we did a package that small, we’d be mired in the COVID crisis for years.”

On the same day, the House of Representatives took a partisan vote on the relief bill renegotiation; democrats won 216-210, with no republicans pledging their support.

The Federal Reserve printed more money in 2020 than the nation had issued in its first two centuries of existence; total U.S debt nears $28 trillionTitle: Biden rejects Bitcoin-sized COVID-19 rescue plan as money printers prime for action
Sourced From: cointelegraph.com/news/biden-rejects-bitcoin-sized-covid-19-rescue-plan-as-money-printers-prime-for-action
Published Date: Wed, 03 Feb 2021 11:13:09 +0000