US President Joe Biden said a massive $3.5 trillion budget would not increase inflation, in response to Republicans' reasons for opposing the plan's passage.
Biden added in his speech: If your main concern is living expenses, you should support this plan, not oppose it.
He said his plan would help reduce drug costs for the middle class, and he quoted economists and others to bolster his position.
As the Senate took a step toward passing the $3.5 trillion budget, amid united opposition from members of the Republican Party. This opens the way for the largest expansion of social spending, and reveals a split in the ranks of the Democratic Party.
Many members of the Republican Party said a massive budget would worsen inflation and weaken the US economy. While the US data seems encouraging, with the economy's ability to add jobs, and the inflation rate stabilizing.
While the budget faces internal opposition from party members, including Senator Joe Manchin, Democrat of West Virginia, he will not support the massive package.
It seems that the market has found hope for the price of gold, which shot up today after the flash crash at the beginning of the week.
Technical readings indicate that gold will reach $1,920 an ounce, if no discouraging data is intercepted.
While the dollar index is declining, because with expectations of increased inflation, the purchasing power of currencies decreases, and thus buyers are moving away from the dollar.
