EU Commission welcomes Biden proposal for U.S. stimulus

The European Commission welcomed a $1.9 trillion stimulus package proposed by President-elect Joe Biden to help the U.S. economy deal with the COVID-19 pandemic, but said its full impact would not become clear until Congress debates it.

The European Commission welcomed a $1.9 trillion stimulus package proposed by President-elect Joe Biden to help the U.S. economy deal with the COVID-19 pandemic, but said its full impact would not become clear until Congress debates it. Biden outlined the stimulus package proposal on Thursday, saying bold investment was needed to jump-start the economy and accelerate the distribution of vaccines.

"This package is timely as the coronavirus pandemic has been intensifying in recent months in the United States and around the world," a representative of the EU's executive Commission said. "We will continue to monitor developments closely as the package is considered by the United States Congress, so it is premature to draw detailed conclusions on the likely impact on the U.S. economy."