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Stimulus Shock: Democratic Senator Manchin Will “Absolutely Not” Support Biden $2,000 Stimulus Checks

Courtesy of ZeroHedge View original post here.

Wall Street – which is now certain that the Democratic sweep will lead to trillions in new stimulus (Goldman yesterday revised its outlook to expect as much as $750BN in fresh stimulus as soon as next month) – may have to put the champagne on ice indefinitely because as the WaPo reports, Biden’s plans for a major new economic relief package boosting stimulus payments to $2,000 have run “into possibly fatal opposition from his own party Friday as Sen. Joe Manchin III (D-W.Va.) said he would “absolutely not” support a new round of checks.”

Manchin, who as the WaPo describes as “a moderate who will hold great sway in a Senate split 50-50 between Democrats and Republicans” made his views known even as the Biden team worked to develop a coronavirus relief package that would include new stimulus checks, extended unemployment benefits, and much more. The only problem: Biden did not expect one of his own to turn against him in what appears to be a reversal of the blue wave.

Biden has made new stimulus checks a central promise, specifically telling Georgia voters that they would be getting $2,000 payments if Democrats won Senate elections in the state this week. Little did Georgia’s Democratic voters know that one of their own Senators was about to crash that plan, even though following the Georgia wins, Chuck Schumer also pledged that the $2,000 checks would be an early priority.

That may be just the start. Biden is also expected to push for additional funding for vaccine distribution, as well as money that will help states and cities, as part of his initial package, according to three people with knowledge of the matter, who spoke on the condition of anonymity ahead of a formal announcement.

And while stocks have yet to realize what is going on… they soon will.

Developing


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