Biden’s economic policies

White House Council of Economic Advisers member Jared Bernstein talks about President Joe Biden’s plans to help the economy amid the COVID-19 crisis.
4:52 | 01/25/21

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Transcript for Biden’s economic policies
Congress moves forward with impeachment in cabinet confirmations president Biden is focusing on the economy today he'll sign an executive order increasing federal spending to American companies. The White House pushes a nearly two trillion dollar Covert relief bill for more on the new administration's plans Biden economic advisor Jared Bernstein. Is here with us Jared thanks for being on a you know there are there already rules in place governing how taxpayer dollars can be spent. And how many foreign products can be purchased so what does this executive order do beyond that. Won't rules which you're correct have been in place for many decades. How largely been ignored. I couldn't bear is any. Just a proliferation. Of waivers. Metal procurement folks to toe to buying. Goods from other countries that really ought to be purchased here so what the executive order proposes today is to close loopholes. On how domestic content as measured increase the domestic content requirements so that we're when we say by America were we mean by Americans. Put a senior opposition. A reporting the president in the Office of Management and Budget to overseas. This by American executives were so that we get back on track. And my personal favorites is an expansion. A small agency within the Department of Commerce. Colby manufacturing extension partnership. Whitney which helps some are small manufacturers. Which often have a great deal of difficulty connecting with international supply chains are figuring out. How did meet preacher part is where we're gonna help nab get some of these bids to. And last week president Biden and bill the one point nine trillion dollar comic relief plan now some Republicans have Marty balked at that price tags so. What's priority here going big getting the GOP on board to achieve that bipartisanship we've heard the president stressed. Or is it just about getting this done quickly what ever way possible. Certainly speed is really important but I think your question which is well taken a pretty simple answer. To rescue. The American people from the struggling that they're undergoing. With the deeds to hold dual crises of course the pandemic which you've been talking about your show and its impact on the economy and in fact. Not only in those interconnected but you can't solve the latter without solving the former president Biden has consistently pointed out that lets you get control the virus. True tracing through testing. We're not going to be able to open schools. Are going to be able to have businesses. Show the way they should certainly not going to be able to have people get back to look to work. At the levels we need them to do so so we have to build fiscal bridge to the other side of this crisis congress made an important down payments in December. But if you actually timeout. How that relief is going to unfold more is necessary to avoid hunger to avoid evictions. Two white unemployment benefits running and to make sure we get people to checks they need. Now I know you've been talking about it you know of the partisanship in the squabbling here's what I can tell you from my own work on this in the last few weeks. Is there is a lot of urgency on both sides of the I'll just check Pataki said there's going to be negotiations. But not only has. Labor unions and and gotten behind this deal. But so has the business roundtable and the chamber of commerce and trust own chief economist has acknowledged the urgency of the rescue plan so I think there is more geared UPI in terms of meeting new urgency of the moment. Get controlling the virus producing industry the vaccine. And providing necessary relief. And Jared as quickly there was some frustration over the number of things in the last stimulus bill that had nothing to do with the pandemic so. Is there any effort to keep this package focused solely on Kobe or is that just how the sausage gets made. Look I think it's really a matter of co leader and the economy and their dual interactions 11 thing that people have reasoning regarding the minimum wage and minimum wage after raising them more than two minutes. Well it turns bit literally tens of millions of essential workers. Are still aren't the federal minimum wage which is seven dollars and 25 cents an hour now you and every one of our listeners know whether your retail worker a warehouse worker a home health they can't begin to make ends meet other states that raised their minimum wage and that's all but there's that happened so if we want to reach essential workers and pay low wage workers their fair share that we have to do that as well I think I can depend. Every part of this bill whether it's the virus control vaccination distribution of aid to states to open schools. Relieved to households and businesses and Terry much connected to solving these dual crises. All right Jared Bernstein thank you for your time we appreciate it. My pleasure.

This transcript has been automatically generated and may not be 100% accurate.

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