US President Biden teases lower spending package between $1.9 trillion and $2.2 trillion

Early Tuesday morning in Asia, CNN came out with the news suggesting a watered-down approach by US President Joe Biden to get his infrastructures spending plan through the Senate during a group of House progressives.

The Democrat said to have backed the need to trim the top line of the social safety net package to somewhere between $1.9 trillion and $2.2 trillion, according to two sources familiar with the call.

The news adds, “Biden told the group, according to one of the sources, that was the range he felt Sens. Joe Manchin and Kyrsten Sinema would accept but did not specify further within that range.”

FX implications

Given the increasing hopes of overcoming the deadlock on the much-awaited US stimulus package, the news helps the S&P 500 Futures to print mild gains despite the downbeat Wall Street close.