Brian Deese, who will head the National Economic Council of President-elect Joe Biden’s administration, said on Wednesday that they need to move quickly on the rescue and recovery of the economy, as reported by Reuters.
Additional takeaways
“We need to provide significantly more direct assistance to families and business.”
“We have not time to lose in starting the process to investing in our recovery.”
“Biden will make case for immediate action on relief and signal plans for the longer-term rebuilding effort.”
“We need to invest in making a nationwide vaccination effort work.”
“Will make the case for moving immediately on issues in the rescue bucket.”
“Risk of doing too little outweighs the risk of doing too much.”
“Biden believes finishing the job on the $2,000 checks is appropriate.”
“Working on a set of ideas that Democrats and Republicans can support.”
“We do need to have a vision toward fiscal sustainability but need to reflect the current circumstances.”
“We have seen a dramatic reduction in the cost of borrowing.”
“Failure to make investments rapidly and aggressively in a crisis can lead to more scarring.”
“That is why Biden is making the case we need to make these investments today.”
Market reaction
These comments don’t seem to be having a significant impact on market sentiment. As of writing, the S&P 500 Index was up 0.3% on the day at 3,812.
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