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Hopes for another round of large-scale federal spending to revive the US economy suffered a blow as election results suggested that a continuation of divided government appeared more likely than Democrats winning both the presidency and the Senate.
Business leaders, economists and investors had been increasingly counting on Joe Biden winning the White House, with Democrats regaining control of the Senate as well as adding seats in the House of Representatives.
Mr Biden had laid out a plan to rapidly inject billions of dollars of short-term stimulus into the economy and then raise taxes on the wealthy and large companies to fund further investments in public goods from education to green energy and infrastructure.
While Mr Biden may capture the presidency if he maintains his small lead in key swing states, he could be severely impaired in passing his economic agenda by Republicans who are on track to keep their Senate majority and have been very sceptical of additional spending.
Voters have proven that our country is deep purple — not red, not blue Jay Timmons, chief executive of the National Association of Manufacturers “Without control of the Senate, the Democrats’ ambitious legislative agenda will be scrapped, making a large stimulus package difficult,” Beacon Policy Advisers said in a note on Wednesday, adding that other “top progressive priorities” could also become casualties.
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Hopes for another round of large-scale federal spending to revive the US economy suffered a blow as election results suggested that a continuation of divided government appeared more likely than Democrats winning both the presidency and the Senate.
Business leaders, economists and investors had been increasingly counting on Joe Biden winning the White House, with Democrats regaining control of the Senate as well as adding seats in the House of Representatives.
Mr Biden had laid out a plan to rapidly inject billions of dollars of short-term stimulus into the economy and then raise taxes on the wealthy and large companies to fund further investments in public goods from education to green energy and infrastructure.
While Mr Biden may capture the presidency if he maintains his small lead in key swing states, he could be severely impaired in passing his economic agenda by Republicans who are on track to keep their Senate majority and have been very sceptical of additional spending.
Voters have proven that our country is deep purple — not red, not blue Jay Timmons, chief executive of the National Association of Manufacturers “Without control of the Senate, the Democrats’ ambitious legislative agenda will be scrapped, making a large stimulus package difficult,” Beacon Policy Advisers said in a note on Wednesday, adding that other “top progressive priorities” could also become casualties.
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