U.S. Immigration, Canada Trade Plan, Ditching Socialism: Eco Day

Welcome to Friday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

  • A group of more than 60 economists urged President Joe Biden to create a path to citizenship for undocumented immigrants in his forthcoming economic and infrastructure plan, arguing it would raise U.S. wages, productivity and tax revenue
  • Biden urged Congress to move quickly on a large infrastructure improvement plan in a meeting Thursday with four senators, declaring that China is poised to “eat our lunch” otherwise
    • Democratic party lawmakers continue to forge an agreement on the nuts and bolts of Biden’s stimulus package. As well as passing measures on health-care funding for veterans, committees in the House have advanced legislation that would lead to $1,400 checks for individuals along with advance tax credits for children
  • Economists Lisa Cook and William Spriggs have the backing of several key White House officials and allies as possible choices to fill a vacancy on the Federal Reserve Board of Governors
  • Saddled with hundreds of failed state companies in an economy barreling over a cliff, the Venezuelan government is abandoning socialist doctrine by offloading key enterprises to private investors, offering profit in exchange for a share of revenue or products
  • Prime Minister Justin Trudeau is rejecting calls for a more combative response to U.S. protectionism, hoping a conciliatory approach will mend relations damaged during Donald Trump’s presidency
  • Economic activity in major economies has picked up in the first half of February, according to high-frequency data tracked by Bloomberg Economics
  • The U.K. economy grew at double the pace expected in the fourth quarter, showing signs of resilience to coronavirus restrictions at the end of a year that delivered the worst recession since 1709
  • The European Union’s three-decade-old strategy for keeping its debt in check has been shattered for good by the pandemic, and that threatens to open up battle lines over what should replace it

©2021 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.