Published 11:48 IST, January 15th 2021
Biden unveils $1.9 trillion COVID-19 stimulus plan, says 'there’s no time to waste'
US President-elect Joe Biden unveiled a $1.9 trillion coronavirus plan calling it the ‘American Rescue Plan’ in a bid to end a “crisis of deep human suffering".
US President-elect Joe Biden on January 14 unveiled a $1.9 trillion coronavirus plan calling it the ‘American Rescue Plan’ in a bid to end a “crisis of deep human suffering” by ramping up COVID-19 vaccines and boosting the financial help for those who are impacted with pandemic’s economic fallout. The legislative proposal of Biden will reportedly meet his goal of administering at least 100 million vaccines by the 100th day of his administration along with elevating his objective of reopening most schools by the spring.
Since the President-elect believes there is “no time to waste”, the ‘American Rescue Plan’ on a parallel track would also deliver another round of aid to stabilize the economy while the public health effort seeks more focus during the pandemic. In the plan, Biden has proposed $1,400 checks for most Americans in addition to the $600 provided in the most recent COVID-19 bill. This would bring the total to $2,000 while also extending a temporary boost in unemployment benefits and a moratorium on evictions and foreclosures through September.
“There’s no time to waste,” Biden said. “We have to act and we have to act now...We not only have an economic imperative to act now — I believe we have a moral obligation,” Biden said in a nationwide address while acknowledging that his plan “does not come cheaply.”
“During this pandemic, millions of Americans, through no fault of their own, have lost the dignity and respect that comes with a job and a paycheck...There is real pain overwhelming the real economy,” he added.
Biden calls current vaccine rollout plan 'dismal failure'
Meanwhile, Biden also called the current rollout of the coronavirus vaccine "a dismal failure" while highlighting his own 'American rescue Plan'. Biden's $1.9 trillion proposal now requires the approval of the Congress that also raises the federal minimum wage to $15 per hour from the current rate of $7.25 per hour. Further, the child care tax credit would even be expanded for a year, to cover 50% the cost of child care up to $4,000 for one child and $8,000 for two or more for families making less than $125,000 a year.
Updated 11:46 IST, January 15th 2021