G7 supports cash injections to drive economic recovery after COVID
President Biden’s call for continued economic stimulus to aid the West’s recovery from the pandemic met with approval from his counterparts on the first day of the G7 summit in south-west England, according to a report.
The Financial Times reported that Biden opened the first session of the trial on Friday by calling on the leaders of Canada, France, Germany, Italy, Japan and the UK to “meet the moment and support the economy.”
The president was quickly backed by Italian Prime Minister Mario Draghi, who, according to the report, made “a compelling case for expansionary fiscal policy”.
British Prime Minister Boris Johnson also agreed, saying in his opening speech that the world’s leaders have “recognized the mistakes of the last great crisis, the last great economic recession of 2008, when the recovery was not uniform in all parts of society” , shouldn’t repeat.
Commitments from G7 leaders are non-binding, and that can be good for Biden. In March, the president passed a $ 1.9 trillion COVID-19 stimulus bill that included $ 1,400 stimulus checks for Americans earning less than $ 75,000 a year, and extended it through Aug. A weekly unemployment benefit of $ 300 in September. Governors have announced that they will end federal unemployment benefits by mid-July.
Meanwhile, the rest of Biden’s big spending agenda is in legislative limbo as his trillion-dollar infrastructure package is the subject of controversial negotiations between the two parties. Moderate Senator Joe Manchin (D-W.Va.) – a key vote on any piece of legislation – has opposed the $ 1.8 trillion price for a bill to increase spending on education, childcare and paid family vacations.
The biggest news from the first day of talks was the pledge from leaders to share at least 1 billion COVID vaccine syringes with struggling countries, with Biden pledging to send 500 million doses overseas and Johnson pledging another 100 million vaccinations.
The US commitment comes in addition to the 80 million cans that Biden has already promised to donate by the end of June. A price tag for the doses has not been published, but the US is now the largest donor of the international COVAX vaccine effort, as well as the largest donor.
Johnson said the first 5 million UK cans would be distributed in the coming weeks and the rest over the next year. French President Emanuel Macron said his country will share at least 30 million cans worldwide by the end of the year, while Germany plans to donate the same amount.
With postal wires