Business & Economy

On The Money: Biden signals he’ll move forward on COVID-19 relief without GOP | Economy adds 49K jobs in January | Minimum wage push sparks Democratic divisions

Happy Friday and welcome back to On The Money, where we’re wishing a Happy Super Bowl Weekend to all who celebrate. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.

See something I missed? Let me know at slane@digital-release.thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N.

Write us with tips, suggestions and news: slane@digital-release.thehill.comnjagoda@digital-release.thehill.com and nelis@digital-release.thehill.com. Follow us on Twitter: @SylvanLane, @NJagoda and @NivElis.

THE BIG DEAL—Biden signals he’ll move forward on COVID-19 relief without GOP: President Biden on Friday sent his strongest signal yet that he would move forward with his coronavirus relief proposal without Republican support, making the case for his $1.9 trillion package by citing the January jobs report showing a weak economic recovery.

“I’d like to be doing it with the support of Republicans … but they’re just not willing to go as far as I think we have to go,” Biden said in prepared remarks from the State Dining Room at the White House.

“If I have to choose between getting help right now to Americans who are hurting so badly and getting bogged down in a lengthy negotiation or compromising on a bill that’s up to the crisis, that’s an easy choice,” Biden said. “I’m going to help the American people that are hurting now.”

The Hill’s Morgan Chalfant and Brett Samuels have more here.

The context: 

While Biden has said he’s open to striking a bipartisan deal, he’s made clear that in his view, Republican counteroffers do not come close to enough aid for the struggling economy.

“What Republicans have proposed is either to do nothing, or not enough,” Biden said in prepared remarks on his $1.9 trillion proposal. “All of a sudden many of them have rediscovered fiscal restraint and the concern for the deficits. But don’t kid yourself, this approach will come with a cost: more pain for more people for longer than it has to be.”

Biden also cited January’s disappointing jobs report as a key reason to approve aid quickly. We’ve got more on that below.

Read more on the push for coronavirus aid:

 

LEADING THE DAY

Economy adds 49K jobs in January, unemployment falls to 6.3 percent: The U.S. added 49,000 jobs in January and the unemployment rate fell to 6.3 percent, a 0.4 percentage point drop, according to data released Friday by the Labor Department.

The takeaway: The uptick in jobs shows the recovery from the coronavirus recession resumed last month after December job losses, but the report underscored the deep damage yet to be repaired from the pandemic-driven economic crisis. 

“This jobs report suggests signs of a nascent overall recovery, but food insecurity, costs of caregiving, persistently high unemployment, and small business stagnation necessitate emergency relief that targets those being left behind — especially women, people of color, and lower income workers,” said Nicole Goldin, nonresident senior fellow at the Atlantic Council, in a Friday analysis.

“Without further stimulus, our ability to get kids back in school and more fully reopen the economy will stymie consumer confidence, hiring, and investment.”

I break down the report here.

 

Minimum wage push sparks Democratic divisions: Senate Democrats are facing internal divisions over efforts to raise the minimum wage to $15 an hour, which could result in the proposal being watered down or jettisoned from the coronavirus relief bill.

“I support the increase in the federal minimum wage to the $15 level. I think it’s way overdue that we change it. And I think it would be a good thing to do. There may be other members, even on the Democratic side, who have some concerns about it,” said Sen. Tim Kaine (D-Va.).

The Hill’s Jordain Carney tells us more about the internal battle here.

The wild card: Democrats still need a determination from the parliamentarian about whether an increase in the minimum wage complies with the arcane rules that determine what can, and cannot, be passed under the reconciliation process to bypass a filibuster. That could squander the whole plan, anyway.

 

ON TAP NEXT WEEK

Tuesday:

Wednesday:

 

GOOD TO KNOW

 

ODDS AND ENDS

 

Recap the week with On The Money: