Biden to Unveil Plan to Buy 500 Million Vaccine Doses for Foreign Countries as US Deficit Soars
The Biden administration plans to purchase 500 million Pfizer vaccine doses to donate to other countries, three sources familiar with the matter told The Washington Post.
The Post reported that the U.S. will dole out the first 200 million doses this year and give the remaining 300 million to other countries in the first half of 2022.
Pfizer is selling the vaccines to the U.S. at a “not-for-profit” price, according to The Post.
The vaccine distribution efforts will prioritize poor nations, The Post reported.
President Joe Biden and Pfizer CEO Albert Bourla are expected to announce the initiative at the Group of Seven meeting Biden will be attending this week in the U.K.
According to an April report in The New York Times, the U.S. budget deficit has surged to a record $1.7 trillion since October.
The Times blamed the mounting budget deficit on the large amount of money the government has recently injected into the economy in response to the coronavirus pandemic.
“Federal spending is far outpacing revenue — the United States is doling out twice as much money as it takes in, having spent a record $3.4 trillion so far this fiscal year, which began Oct. 1, and collected just $1.7 trillion in tax revenue,” The Times reported.
“Meaning the debt is growing faster than the economy. And that’s kind of unsustainable in the long run.”
According to USAspending.gov, as of last year, the federal government held $26.95 trillion in federal debt.
The site explained how the U.S. found itself in this predicament. “It is similar to a person using his or her credit card for a purchase … and not paying the full credit card balance each month.”