Biden, Harris to speak on economic recovery plans

President-elect Joe Biden is shown speaking on a monitor about COVID-19 in the briefing room of the White House on November 9, 2020 in Washington.

Joshua Roberts/Getty Images

President-elect Joe Biden and Vice President-elect Kamala Harris will speak about the U.S. economic recovery on Monday, as the country marked 11 million coronavirus cases but stocks rose on reported vaccine progress.

Biden and Harris are scheduled to speak at 1:45 p.m. Eastern in Wilmington, Del., “on the economic recovery and building back better in the long term,” said the duo’s transition team in a statement.

The president- and vice president-elect will likely focus much of their remarks on combatting the coronavirus pandemic. As MarketWatch reports, the U.S. in the last week has averaged 150,265 cases a day, up 81% from the average two weeks ago.

Biden and Harris are planning to speak even as President Donald Trump has not conceded the election, and is alleging fraud in the results. Monday morning, Trump claimed “I won the Election” in a tweet, which was flagged by Twitter. Officials in states around the country have said there is no evidence of voter fraud.

Biden’s economic plans include spending $2 trillion over four years on clean energy projects and creating millions of new jobs through infrastructure projects. The former vice president has proposed raising taxes on the wealthy and corporations to pay for many of his plans.

Read: Joe Biden didn’t get a ‘blue wave’ but here are 5 ways he can advance his tax agenda

The scope of Biden’s plans, however, could be severely limited if Republicans retain control of the Senate after a pair of runoff elections on Jan. 5.

Republicans now have 50 Senate seats to Democrats’ 48, and Biden’s party would control the chamber if it won the two Georgia races. A tie would be broken by Harris as vice president.

Related: Georgia’s two Senate runoff elections could spark $1 billion in political spending

U.S. stocks rose Monday after Moderna Inc.

said its vaccine candidate proved highly effective in preventing COVID-19 infections. The news arrived a week after Pfizer Inc.

and BioNTech SE

announced an efficacious vaccine candidate.

Now read: Dow jumps over 400 points as investors cheer Moderna vaccine progress.

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