Biden’s State Rescue Dwarfs Tax Hit, Turning It Into Stimulus

Listen to any of the architects of the $1.9 trillion spending package winding its way through Congress -- from Treasury Secretary Janet Yellen to White House economic adviser Brian Deese -- and they will tell you the aid is urgently needed to rescue the economy.

It is, they insist, simply relief for Americans struggling to get through the pandemic.

But at least one important slice of the package -- the nearly $200 billion being earmarked to state governments -- goes beyond a rescue and is almost certain to further stimulate an economy that is already beginning to rapidly recover.

WATCH: The U.S. Senate is focusing on $200 billion earmarked to aid state governments in President Joe Biden’s Covid relief bill.

Source: Bloomberg)