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Biden and China: Administration Rethinks Relations

WASHINGTON — Biden administration officials have tried to project a tough line on China in their first weeks in office, depicting the authoritarian government as an economic and security challenge to the United States that requires a far more strategic and calculated approach than that of the Trump administration.They have also tried to send a message: While the administration will be staffed by many familiar faces from the Obama administration, China policy will not revert to what it was a decade ago.These early efforts have not concealed the enormous challenge President Biden faces in trying to formulate a strategy …

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Biden Outlines $1.9 Trillion Spending Package to Combat Virus and Downturn

WASHINGTON — President-elect Joseph R. Biden Jr. on Thursday proposed a $1.9 trillion rescue package to combat the economic downturn and the Covid-19 crisis, outlining the type of sweeping aid that Democrats have demanded for months and signaling the shift in the federal government’s pandemic response as Mr. Biden prepares to take office.The package includes more than $400 billion to combat the pandemic directly, including money to accelerate vaccine deployment and to safely reopen most schools within 100 days. Another $350 billion would help state and local governments bridge budget shortfalls, while the plan would also include $1,400 direct payments to individuals, more generous …

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What’s in Biden’s $1.9 Trillion Stimulus Plan

The incoming Biden administration unveiled a $1.9 trillion stimulus plan on Thursday that offered a wish list of spending measures meant to help both people and the economy recover from the coronavirus pandemic, from state and local aid and more generous unemployment benefits to mass vaccinations.Below, we run through a few of the biggest provisions, how they would work and what they might mean for the United States economy as it struggles through a winter of surging coronavirus cases and partial state and local lockdowns.Let’s put that headline number in context.That $1.9 trillion figure is a lot of …

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Biden Set to Call for Big Spending on Stimulus and Vaccines

WASHINGTON — President-elect Joseph R. Biden Jr. on Thursday is expected to outline proposals for trillions of dollars in government spending to combat the coronavirus pandemic and its effects on the economy, with an initial focus on large-scale expansions of the nation’s vaccination program and virus testing capacity.Mr. Biden will detail his plans, which he and his economic team have been honing for weeks, in an evening speech in Delaware. The efforts will cover the pandemic, the economy, health care, education, climate change and other domestic priorities, Brian Deese, the incoming director of the National Economic Council, said at …

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Biden Selects Heads of Labor, Commerce and Small Business Agencies

Ms. Raimondo, a moderate Democrat with a background in the financial industry, has served as governor since 2015. She is seen as a relatively traditional choice for commerce secretary, a post that oversees not only relations with the business community but also technology regulation, weather monitoring and the gathering of economic data, among other duties.As governor of Rhode Island, Ms. Raimondo introduced training programs, cut taxes, and eliminated regulations and offered new loans to support businesses. She clashed with unions but ultimately found compromise as she overhauled the state pension plan.Before running for office, she was a founding employee …

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Twitter and Facebook Lock Trump’s Accounts After Violence on Capitol Hill

SAN FRANCISCO — Twitter and Facebook on Wednesday locked the accounts of President Trump, which prevents him from posting messages to his more than 88 million followers on Twitter and 35 million followers on Facebook, after he published a string of inaccurate and inflammatory messages on a day of violence in the nation’s capital.The moves were an unprecedented rebuke of Mr. Trump by the social media companies, which have long been megaphones for the president.Twitter said Mr. Trump’s account would remain locked for 12 hours and the ban could be extended if several of his tweets that rejected the election …

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Business Leaders Condemn Violence on Capitol Hill: ‘This is Sedition’

Many business leaders spoke out individually, though many avoided calling out the president and other politicians by name. “I strongly condemn the violence in our nation’s capital,” Jamie Dimon, the chief executive of JPMorgan Chase, said in a statement on Wednesday afternoon.The Presidential TransitionUpdated Jan. 6, 2021, 11:22 p.m. ET“Our elected leaders have a responsibility to call for an end to the violence, accept the results and, as our democracy has for hundreds of years, support the peaceful transition of power,” he said.The chief executive of Wells Fargo, Charles Scharf, called on leaders to “come together to address …

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Even With $900 Billion Stimulus, Biden Faces Fragile Economy

With his presidential inauguration just weeks away, Joseph R. Biden Jr. is confronting an economic crisis that is utterly unparalleled and yet eerily familiar.Millions of Americans are out of work, small businesses are struggling to survive, hunger is rampant, and people across the country fear getting kicked out of their homes. The moment was similarly perilous exactly 12 years ago, when Mr. Biden was the vice president-elect and preparing to take office.“I remember the utter terror,” said Cecilia Rouse, who was an economic adviser in the Obama White House and has been chosen to lead Mr. Biden’s Council …

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Biden Faces a Balancing Act in Choosing Top Aides With Business Ties

WASHINGTON — Five years ago, Jeffrey D. Zients was the head of the Obama administration’s National Economic Council, working to push across the finish line a federal rule that would prevent financial advisers from taking advantage of retirees. He won praise from progressives for fending off fierce resistance from Wall Street and for fighting for consumer protections.These days, Mr. Zients is a co-chairman of President-elect Joseph R. Biden Jr.’s transition team who is being watched warily by members of Democratic Party’s left wing. Progressive advocacy groups such as the Revolving Door Project and Justice Democrats, concerned that …

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Biden Expected to Name Top Economic Officials This Week

WASHINGTON — President-elect Joseph R. Biden Jr. is expected to name top members of his economic team this week, including Cecilia Rouse, a Princeton labor economist, to run the Council of Economic Advisers, and Neera Tanden, the chief executive of the Center for American Progress, to lead the Office of Management and Budget, according to people familiar with the matter.The announcement — which will include Mr. Biden’s decision to name Janet L. Yellen, the former Federal Reserve chair, as Treasury secretary — would potentially culminate in several women in top economic roles, including the first Black woman to lead the Council …

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