Biden Election Confirmed, US Stimulus Package Agreement Accelerates (Comprehensive)

Republican House Leader Acknowledges Biden's Election
Ruling and Opposition Leaders Attempt Stimulus Bill Agreement
Possible Agreement as Early as This Week

Mitch McConnell, U.S. Republican Senate Majority Leader
[Photo by Reuters]

[Asia Economy New York=Correspondent Baek Jong-min] As Joe Biden, the President-elect of the United States, secured victory in the Electoral College vote, negotiations on the economic stimulus bill are becoming more concrete. An agreement is expected as early as this week. Mitch McConnell, the Senate Majority Leader and the top Republican, acknowledged Biden's presidential win for the first time.

On the 15th (local time) at 4 p.m., Democratic Speaker of the House Nancy Pelosi, Senate Majority Leader Chuck Schumer, Republican Majority Leader Mitch McConnell, and House Majority Leader Kevin McCarthy held a phone conference to discuss the economic stimulus bill and the budget. Steven Mnuchin, the new U.S. Treasury Secretary, also joined these lawmakers in discussing the stimulus bill after speaking with Speaker Pelosi for about an hour.

The New York Times (NYT) reported that this was the first bipartisan discussion on the economic stimulus bill since the presidential election. CNBC described the meeting as an important effort by congressional leaders to reach an agreement on the stimulus bill.

Both sides expressed positive assessments of the meeting's outcome. According to the political media outlet Politico, after the meeting, Majority Leader McCarthy said, "There was progress," and announced that they would reconvene at 7:30 p.m. Leader Schumer also described it as a "good meeting." Sources indicated that the discussion covered the total amount of the stimulus bill and which measures would be included.

Before the meeting, Majority Leader McConnell expressed his willingness to reach an agreement on the stimulus bill to reporters. He stated, "We are in talks and will remain in Congress until a package including the stimulus bill and the federal government budget passes." This showed his intention to conclude negotiations before the federal congressional session ends ahead of Christmas.

Last week, the U.S. Congress passed a one-week temporary budget to buy time for negotiations on the stimulus bill and the federal budget. CNBC warned that without congressional action, the federal government would shut down after the 18th, and 12 million people would not receive unemployment benefits the day after Christmas.

This situation is also related to the bipartisan lawmakers' proposal made a day earlier for a $748 billion stimulus bill targeting small business loans, unemployment insurance, COVID-19 vaccine distribution, education, and rental assistance. Since the original bipartisan proposal of $908 billion was scaled down to areas with little disagreement between the two parties, the possibility of an agreement has increased.

The Republican Party recognized the inauguration of the Biden administration after Biden's victory was confirmed in the Electoral College vote the day before. McConnell, the top Republican leader, said in a floor speech, "The Electoral College has spoken. I want to congratulate President-elect Biden today." CNN reported that this was the first time McConnell acknowledged Biden's victory since the election ended.

Politico reported that McConnell told Republican lawmakers not to object during the joint session of the House and Senate on January 6 next year, when the results of the state-by-state Electoral College vote will be certified and the winner announced.

McConnell also had a phone conversation with President-elect Biden. Biden told reporters, "I had a good conversation with Majority Leader McConnell. We disagree on many things, but there are things we can work on together." Biden said the two planned to meet soon.

The activation of a communication line between the next U.S. president and McConnell, the Republican leader controlling the Senate, is a positive factor for the launch of the Biden administration.

Despite the start of Republican cooperation, Biden did not give up hope of gaining control of the Senate. For the first time since the election, Biden left Delaware and visited Georgia, appealing to voters for support in the Senate runoff elections by saying, "I want to win three times in Georgia."

Biden won in Georgia, but it is traditionally a Republican-leaning state. If the Democrats win both Senate seats in Georgia, they will secure a Senate majority, giving the Democratic Party the "key" to managing the political landscape.