Biden economic adviser expects ‘very challenged’ economy early next year

Biden economic adviser expects ‘very challenged’ economy early next year

President-elect Joe BidenJoe BidenCongress passes .3T coronavirus relief, government funding deal House conservatives huddle at White House to plan challenging election results House passes massive spending deal, teeing up Senate vote MORE’s incoming director of the National Economic Council warned Tuesday that the U.S. economy will likely remain “very challenged” in early 2021.

“I think we need to be prepared that the economy early next year is going to continue to be very challenged,” Brian DeeseBrian DeeseBiden taps former Warren aide for economic team Federal Reserve fight imperils relief talks Biden adviser warns against ‘undermining’ Fed in relief bill MORE told MSNBC’s Stephanie Ruhle. “And we’re going to need to act quickly and decisively to address the health challenge and address our economic challenges, which are inextricably intertwined.”

When asked what Biden would be able to accomplish unilaterally on the economic front, Deese responded by saying the administration’s top priority would be tackling the coronavirus pandemic, referencing Biden’s stated commitment to have most schools reopen with 100 days of taking office.

“We’re also going to need to find additional direct support to families and businesses that are going to continue to be struggling in this economy,” he said.

“And again, this investment here is an important down payment but there’s going to be more to do,” Deese added, referring to the $900 billion coronavirus relief bill passed by Congress on Monday.

Ruhle questioned Deese on how Biden would secure congressional support for a new proposal, especially since two Senate runoffs in Georgia on Jan. 5 will determine control of the chamber.

Deese insisted that “we are seeing bipartisanship happening in Washington right now” but added “there are resources in this legislation and there are a lot of things that need to happen day one to put a plan in place. And we’re going to be ready to take those steps.”

“But look, we’re going to need to continue to work together,” he added. “We’re going to need to find ways to do that. And that’s going to be high on our agenda.”