President-elect Joe Biden is urging Congress to pass a second bailout package by Inauguration Day.

Politico reports that Biden has publicly endorsed the Democrats' nearly $2 trillion spending proposal. Other priorities include continued federal unemployment benefits, extending paycheck protection programs, and aid to state and local governments. [Biden transition advisor Jen Psaki said Friday of the president-elect and Democratic congressional leaders, "They are in agreement that emergency assistance, family assistance, and small business support are needed during the lame-duck session."

However, according to the New York Times, Biden may be willing to part ways with the Democrats' high demands if it means a deal with Senate Republicans can be reached more quickly, according to some of his advisors. Another spokesman for Biden quickly denied the report.

In negotiations prior to Election Day, House Speaker Nancy Pelosi (D-CA) and Treasury Secretary Steven Mnuchin were close to agreeing on a nearly $2 trillion aid package.

However, Senate Republicans repeatedly rejected that level of spending, and instead pieced together (and failed to pass) two nearly symbolic $500 billion "skinny" bills that did not include a second round of stimulus.

Biden's team has reportedly been considering other ways to extend relief since taking office in January, including issuing executive orders on evictions, foreclosures, and student loans.

A prominent Democrat close to Biden acknowledged that another stimulus package is urgently needed, although it is unusual for the president-elect to try to influence legislation before taking office.

"To get this, we may have to give up something we don't want to give up to McConnell, but we just have to do this," one unnamed Democratic senator told Politico, referring to the extension of unemployment benefits and Senate Majority Leader Mitch McConnell (R-Kentucky) pointed to the extension of unemployment benefits and Senate Majority Leader Mitch McConnell (R-Kentucky).

Former Chicago Mayor and White House Chief of Staff Rahm Emanuel said a successful lame duck stimulus bill would free up Biden's agenda after the inauguration.

"One less thing to worry about means one less thing to worry about," Emanuel told Politico.

The sense of urgency is growing for many Americans, as existing pandemic assistance expires at the end of 2020. As Bloomberg reports via the Washington Post, more than 9 million people could lose federal unemployment insurance provided by programs for the self-employed and gig workers.

A 13-week extension of unemployment benefits, generally limited to 26 weeks, will also end on December 31, and more than 4 million people will lose access to benefits.

Pandemic-specific programs such as mortgage repayment deferrals, eviction deferrals, and student loan freezes will also end.

In a letter sent to Congress last week, a number of former senior officials and economic advisors who served Democratic and Republican presidents urged lawmakers to act quickly.

The bipartisan group, which included former Treasury Secretaries Timothy Geithner, Henry Paulson, Robert Rubin, and Larry Summers, supported stronger unemployment benefits and support for small businesses.

"Our nation's leaders should work now to fix our finances. Our country and our economy cannot wait until 2021."