Biden Unveils New $1.9 Trillion Stimulus Plan - Here Are The Details
Updated: Jan 18
On Thursday, President-Elect Joe Biden will unveil his new $1.9 trillion stimulus plan to help battle the coronavirus and provide financial aid to the millions of Americans, local governments and businesses struggling with the economic downturn.
The "American Rescue Plan" has a goal of administering 100 million vaccines by the 100th day of Biden's administration and plans to reopen most schools by spring. There would also be another round of financial aid to help stabilize the economy, including the additional $1,400 stimulus checks Biden promised when campaigning in Georgia.
Unemployment benefits and the moratorium on evictions and foreclosures would also be extended through September. Finally, minimum wage would be increased to $15 per hour, a long time goal of the Democratic party.
If passed, the emergency legislation would add to the trillions in debt the US has already accumulated during the pandemic. Biden feels that this additional spending and borrowing is essential to prevent the economy from falling into an even deeper hole.
Biden will also call on Americans to refocus on the basic practices necessary to help slow the coronavirus infection rates, such as wearing a mask and social distancing. The US is currently averaging nearly a quarter million new cases of Covid-19 infections per day.
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