President-elect Joe Biden will propose a $2 trillion increase in fiscal spending to help the U.S. economy get through the coronavirus pandemic, according to a published report.

CNN reported that Biden, who is due to speak in Wilmington, Del., on Thursday, will outline a proposal that will include more direct payments to American families and significant state and local funding. CNN’s report sent the yield on the 10-year U.S. Treasury


U.S. stock futures

and European stocks

advanced on Thursday morning.

The Biden plan comes amid signs the U.S. economy is struggling. The U.S. lost 140,000 jobs in December, with the unemployment rate staying at 6.7%, according to the Labor Department.

Biden’s proposal is a long way from becoming law, as the Democrats can’t afford to lose a single vote in the U.S. Senate. West Virginia Sen. Joe Manchin has already expressed opposition to increasing stimulus checks to a total of $2,000 from the $600 that has already been passed, though Florida Sen. Marco Rubio, a Republican, said he is in favor of such a move.

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