• Latest
  • Trending
  • All
  • News
  • Business
  • Lifestyle
Biden Unveils Plan To Pump $1.9 Trillion Into Pandemic-Hit Economy

Biden Unveils Plan To Pump $1.9 Trillion Into Pandemic-Hit Economy

January 15, 2021
Democratic State Lawmaker, Husband Killed In ‘Politically-Motivated Assassination’

Democratic State Lawmaker, Husband Killed In ‘Politically-Motivated Assassination’

June 14, 2025
CASEY RYAN: Accreditors Wield Power To End DEI In Schools

CASEY RYAN: Accreditors Wield Power To End DEI In Schools

June 14, 2025
How NYC’s Little-Understood Voting System Could Lead To A Socialist Mayor

How NYC’s Little-Understood Voting System Could Lead To A Socialist Mayor

June 14, 2025
DAVID BLACKMON: Trump Ends Newsom’s Terrible Week By Killing His EV Mandate

DAVID BLACKMON: Trump Ends Newsom’s Terrible Week By Killing His EV Mandate

June 14, 2025
EXCLUSIVE: VA Sec Says Days Of Unions, Contractors Owning His Agency Are Over

EXCLUSIVE: VA Sec Says Days Of Unions, Contractors Owning His Agency Are Over

June 13, 2025
LA News Outlet Caught In Lie That ICE Targeted Pregnant Woman. It Really Went After Her Illegal Husband.

LA News Outlet Caught In Lie That ICE Targeted Pregnant Woman. It Really Went After Her Illegal Husband.

June 13, 2025
‘My Blood Is Boiling’: Dem Strategist Melts Down Over Alex Padilla Getting Booted From Noem Presser

‘My Blood Is Boiling’: Dem Strategist Melts Down Over Alex Padilla Getting Booted From Noem Presser

June 13, 2025
SHOSHANA BRYEN: Israel Has Rights Beyond The ‘Right To Exist’

SHOSHANA BRYEN: Israel Has Rights Beyond The ‘Right To Exist’

June 13, 2025
‘Everyone Move, Now!’: Fox News Crew Takes Cover Live On-Air As Iran Launches Counter Strikes Against Israel

‘Everyone Move, Now!’: Fox News Crew Takes Cover Live On-Air As Iran Launches Counter Strikes Against Israel

June 13, 2025
Officials Fear ‘Potential Tiananmen Square Moment’ at Military Parade

Officials Fear ‘Potential Tiananmen Square Moment’ at Military Parade

June 13, 2025
‘Highly Partisan’ Official Fired By Trump Quits Anyway — After Smithsonian Attempted To Keep Her

‘Highly Partisan’ Official Fired By Trump Quits Anyway — After Smithsonian Attempted To Keep Her

June 13, 2025
Tim Kaine Really Upset About Alex Padilla Being Tossed From Kristi Noem Presser

Tim Kaine Really Upset About Alex Padilla Being Tossed From Kristi Noem Presser

June 13, 2025
  • Donald Trump
  • State of the Union
  • Elon Musk
  • Tariffs
  • Congress
  • Faith
  • Immigration
Saturday, June 14, 2025
  • Login
IJR
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls
No Result
View All Result
IJR
No Result
View All Result
Home News

Biden Unveils Plan To Pump $1.9 Trillion Into Pandemic-Hit Economy

by Reuters
January 15, 2021
in News
250 2
11
Biden Unveils Plan To Pump $1.9 Trillion Into Pandemic-Hit Economy

FILE PHOTO: U.S. President-elect Joe Biden speaks as he announces members of economics and jobs team at his transition headquarters in Wilmington, Delaware, U.S., January 8, 2021. REUTERS/Kevin Lamarque/File Photo

491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

President-elect Joe Biden outlined a $1.9 trillion stimulus package proposal on Thursday, saying bold investment was needed to jump-start the economy and accelerate the distribution of vaccines to bring the coronavirus under control.

Biden campaigned last year on a promise to take the pandemic more seriously than President Donald Trump, and the package aims to put that pledge into action with an influx of resources for the COVID-19 response and economic recovery.

“A crisis of deep human suffering is in plain sight, and there’s no time to waste,” Biden said in prime-time remarks from Delaware. “We have to act and we have to act now.”

The aid package includes $415 billion to bolster the response to the virus and the rollout of COVID-19 vaccines, some $1 trillion in direct relief to households, and roughly $440 billion for small businesses and communities particularly hard hit by the pandemic.

Stimulus payment checks would be issued for $1,400 – on top of the $600 checks delivered by the last congressional stimulus legislation. Supplemental unemployment insurance would also increase to $400 a week from $300 a week now and would be extended to September.

Biden’s plan is meant to kick off his time in office with a large bill that sets his short-term agenda into motion quickly: helping the economy and getting a handle on a virus that has killed more than 385,000 people in the United States as of Thursday.

It also provides a sharp contrast with Trump, who spent the last months of his administration seeking to undermine Biden’s election victory rather than focusing on additional coronavirus relief. Trump, who leaves office on Wednesday, did support $2,000 payments to Americans, however.

Many Republicans in Congress balked at the price tag for such payments.

Biden will face similar hurdles with his proposals, which come on the heels of a $900 billion aid package Congress passed in December.

But he will be helped by the fact that his fellow Democrats will control both the House and the Senate. Chuck Schumer, who is about to lead a narrow Democratic majority in the U.S. Senate, and House Speaker Nancy Pelosi said on Thursday that Biden’s package was “the right approach” and pledged to begin working on legislation.

The incoming president will seek to pass the legislation even as his predecessor faces an impeachment trial.

The Democratic-led House of Representatives voted to impeach Trump on Wednesday, making him the first president in U.S. history to be impeached twice. Ten of his fellow Republicans joined Democrats to charge him with inciting an insurrection in last week’s deadly rampage at the Capitol.

The impeachment proceedings threaten to hang over the beginning of Biden’s term, and Biden has encouraged lawmakers to handle the trial while also moving forward with his agenda.

PRECARIOUS MOMENT

Transition officials said Biden’s plan will be a rescue package that will be followed up with another recovery package in the coming weeks.

The plan would extend moratoriums on foreclosures and evictions until September and include funding for rental and utility assistance.

The president-elect also called on Congress to increase the minimum wage to $15 an hour, and the package will include assistance to fight hunger.

“I know what I just described does not come cheaply, but failure to do so will cost us dearly,” Biden said, adding that economists, financial institutions and Wall Street banks supported the need for stimulus.

“If we invest now – boldly, smartly, with unwavering focus on American workers and families – we will strengthen our economy, reduce inequality and put our nation’s long-term finances on the most sustainable course.”

The coronavirus relief-related funds will go toward a national vaccine program, testing, investments for workers to do vaccine outreach and contact tracing, and money for states.

“The vaccines offer so much hope … but the vaccine rollout in the United States has been a dismal failure thus far,” Biden said, adding that on Friday he would set out his plan to vaccinate 100 million Americans in 100 days after taking office.

“This will be one of the most challenging operations efforts we’ve ever undertaken as a nation. We’ll have to move heaven and earth to get more people vaccinated.”

Pandemic-related shutdowns and restrictions have cost millions of U.S. jobs. The Biden plan – if enacted – would buy more time for the economy to bridge the period until the distribution of vaccines allows for a wider resumption of economic activity.

U.S. equity index futures were little changed after Biden’s speech, details of which emerged during Thursday’s trading session.

“It’s one piece in the overall puzzle,” said Jake Dollarhide, chief executive at Longbow Asset Management in Tulsa, Oklahoma. “It bridges the gap to getting restaurant workers, airline workers and other employees back to work.”

(Reporting by Jeff Mason in Wilmington, Delaware, and Jarrett Renshaw in Philadelphia and Noel Randewich in San Francisco; Additional reporting by Trevor Hunnicutt, Dan Burns and Simon Lewis; Editing by Colleen Jenkins and Daniel Wallis)

Tags: Coronavirus OutbreakJoe Biden
Share196Tweet123
Reuters

Reuters

Reuters is an international news organization.

Advertisements

Top Stories June 10th
Top Stories June 7th
Top Stories June 6th
Top Stories June 3rd
Top Stories May 30th
Top Stories May 29th
Top Stories May 24th
Top Stories May 23rd
Top Stories May 21st
Top Stories May 17th

Join Over 6M Subscribers

We’re organizing an online community to elevate trusted voices on all sides so that you can be fully informed.





IJR

    Copyright © 2024 IJR

Trusted Voices On All Sides

  • About Us
  • GDPR Privacy Policy
  • Terms of Service
  • Editorial Standards & Corrections Policy
  • Subscribe to IJR

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls

    Copyright © 2024 IJR

Top Stories June 10th Top Stories June 7th Top Stories June 6th Top Stories June 3rd Top Stories May 30th Top Stories May 29th Top Stories May 24th Top Stories May 23rd Top Stories May 21st Top Stories May 17th