Pressure is growing on Congress to pass a new COVID-19 stimulus bill. On Tuesday, a bipartisan group of senators unveiled a $908 billion proposal. Meanwhile, Senate Majority Leader Mitch McConnell has proposed including some COVID-19 relief inside a larger spending package that is needed to prevent a government shutdown. The House approved a $2.2 trillion stimulus plan in October, but the Republican-led Senate opposes the legislation. On Tuesday, President-elect Joe Biden introduced his economic team. Treasury secretary nominee Janet Yellen said the nation must act with urgency.

Janet Yellen: “Lost lives, lost jobs, small businesses struggling to stay alive or closed for good, so many people struggling to put food on the table and pay bills and rent — it’s an American tragedy, and it’s essential that we move with urgency. Inaction will produce a self-reinforcing downturn, causing yet more devastation.”