President-elect Biden revealed his plans for a $1.9 trillion COVID-19 stimulus package as he promised last year. He said that in response to the current pandemic and jump-start the economy a bold investment was needed.
Last December, he promised the people of America that he would be more serious in terms of the pandemic than the current president Donald Trump.
Biden’s $1.9 Trillion COVID-19 Stimulus Plan Gets Unveiled
Biden’s aims to keep his promise through the package with a gigantic resource, which focuses both a great response to the COVID-19 pandemic as well as the nation’s recovery in its economic phase.
At a deeper level, the package is combined with $415 billion to bolster the response to the coronavirus and the distribution of its vaccine.
The rest is included with $1 trillion in direct relief to the households, and $440 billion for small businesses and communities particularly collapsed due to COVID-19.
On Thursday evening, Biden said that there is no time to waste as it is obvious that people are in a crisis of deep suffering and it is time to act and we have to act.
The last congressional stimulus legislation had issued $600 checks for the relief but Biden put forward more than doubler stimulus payment checks for $1400.
He also has plans to elevate the supplemental unemployment insurance from $300 to $400 in a week presently and the amount would be raised in coming September.
Biden’s scheme would be helpful to save the economy as well as to regulate the deadly coronavirus in the country. His short term agenda will come into action more quickly with a huge bill.
The President-elect is in extreme contrast with Trump, who rather than concentrating on extra relief for the ep[andemic, put all effort and focus of his administration into undermining the victory of his rival.
Trump also planned to help the people with a payment of $2000 but had to face the balking from his fellow Republicans in Congress on the price tags for such payments.
Biden would also face such obstacles with his packages, but his case will be di]fferent as he has all the support from Democrats, who are in charge of both the Senate and the House.
According to the transition officials, the scheme brought by Biden would be a great one aiming to bring rescue and would be followed by an extra recovery package in the initial weeks of Biden’s rule.
The package also aims to expand moratoriums on evictions and foreclosures until next September with funding for assistance in both rental and utility.
Congress is also asked by Biden to increase the per hour minimum wage to $15, and the scheme also included goals to fight against hunger.
Biden said that he knows what he had put forward wouldn’t come cheap but if it fails to do so, the cost would be higher.
He added that the need for the stimulus is already supported by economists, financial institutions, and Wall Street banks. What we invest now boldly and smartly will only benefit to strengthen our economy and reduce inequality.