Advisers to President-elect Joseph R. Biden Jr. are planning for the increasing likelihood that the U.S. economy is headed for a “double-dip” recession early next year. They are pushing for Democratic leaders in Congress to reach a quick stimulus deal with Senate Republicans, even if it falls short of the larger package Democrats have been seeking, the New York Times reported. Until now, Biden, Speaker Nancy Pelosi (D-Calif.) and Sen. Chuck Schumer (D-N.Y.) have insisted that Republicans agree to a spending bill of $2 trillion or more, while Senate Majority Leader Mitch McConnell (R-Ky.) wants a much smaller package. The resulting impasse has threatened to delay additional economic aid until after Biden’s inauguration on Jan. 20. Many of the president-elect’s advisers have become convinced that deteriorating economic conditions from the renewed surge in COVID-19 infections and the looming threat of millions of Americans losing jobless benefits in December amid a wave of evictions and foreclosures require more urgent action before year’s end. That could mean moving at least part of the way toward McConnell’s offer of a $500 billion package. But top Democrats remain publicly adamant that Republicans need to move closer to their opening offer of $2.4 trillion. Biden, Pelosi and Schumer have given no public indication of how much they are willing to scale back their ambitions in order to reach a deal with McConnell, arguing that the Republican leader has not been willing to compromise.
