CNN quotes the incoming chairman of the US Senate Budget Committee, also a Vermont Senator, Barnie Sanders, while brushing off the doubts over the $1.9 trillion coronavirus (COVID-19) relief package from US President Joe Biden.
“Democrats would use a rare procedural tactic to pass major parts of a Covid-19 relief package if Republicans refuse to move on the measure,” per the news.
Senator Sanders also mentioned, "If we do not respond now, yes, I believe two years from now the Republicans will say, 'Hey, you elected these guys, they did nothing, vote for us,' and they will win."
It should be noted that the report also said, “There are still questions about what parts of Biden's Covid-19 relief package would be allowed to advance under reconciliation. Some aides have identified that items like the $15 minimum wage could struggle to meet the criteria.”
FX implications
The news seemed to have offered consolidation in the risk tone while backing the stimulus hopes. As a result, S&P 500 Futures print 0.20% intraday gains by press time of early Asian session on Monday.
Also read: Gridlocked Washington and covid risks to weigh on risk appetite
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