President Joe Biden is running around for his $4 trillion development plan. Foreign media reported that Biden and his staff have held 415 phone calls or meetings with members of Congress on the contents of the plan, with the support of Republican lawmakers key to its success or failure, yet analysis suggests that a decisive factor will surface this week.
Currently, Biden is working intensively to sell his plan to the public, and after Virginia and Louisiana, he will also spend time in Georgia and Pennsylvania this week.
In fact, unlike the previous epidemic relief bill, there is more room for bipartisan compromise on both plans. However, the bigger challenge is that as U.S. companies continue to report better-than-expected first quarter results and U.S. stock indexes are reaching record highs, reflecting that the U.S. economy is coming out of the epidemic haze.
Analysts believe that this bill is not easy to pass, Republicans are bound to come up with evidence of economic recovery as a reason to oppose large-scale spending, especially if Friday’s “non-farm payrolls” exceptionally bright, when Republicans will certainly emphasize this point.
The U.S. non-farm payrolls report for April, out Friday, is expected to expand job growth, the unemployment rate is likely to fall, including an increase of 978,000 jobs in April, an increase higher than the previous month’s 916,000, the same period the unemployment rate is expected to fall from 6% in February to 5.7%.
Even in the best case scenario, it is reasonable to expect that the two parties may only reach an agreement on some of the spending programs, as Republicans generally oppose plans to tax the rich, and they have yet to propose a clear and viable replacement funding measure.
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