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Biden on disappointing jobs report: 'We knew this wouldn't be a sprint, it'd be a marathon'

May 7, 2021. Summarized by summa-bot.

Compression ratio: 29.6%. 1 min read.

WILMINGTON, DE - JULY 28: Presumptive Democratic presidential nominee former Vice President Joe Biden delivers a speech at the William ???Hicks??? Anderson Community Center, on July 28, 2020 in Wilmington, Delaware. Biden addressed the fourth component of his ???Build Back Better??? economic recovery plan for working families, how his plan will address systemic racism and advance racial economic equity in the United States. (Photo by Mark Makela/Getty Images)

President Joe Biden said Friday the US economy is "moving in the right direction" but there is still a long way to go after a disappointing Friday jobs report fell well below expectations.

(CNN)President Joe Biden said Friday the US economy is "moving in the right direction" but there is still a long way to go after a disappointing Friday jobs report fell well below expectations.

The President said Friday's jobs report underscored "how vital the actions we're taking are" -- from stimulus checks to funding for small businesses, child care and school reopenings, which were all part of his sweeping American Rescue Plan.

He touted his two economic proposals, the American Jobs Plan and American Families Plan, as solutions that would provide the kind of large-scale investments in infrastructure, education, child care and paid leave that he says the US badly needs.

House Speaker Nancy Pelosi said Friday the disappointing jobs report "highlights the urgent need" to pass Biden's two economic proposals, the American Jobs Plan and American Families Plan, which both total roughly $4 trillion.

As negotiations on Biden's economic proposals heat up, the President on Thursday suggested he was open to a corporate income tax rate between 25% and 28% to pay for his infrastructure and jobs proposal.

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