In a bid to stimulate the Covid-19 battered economy, the United States' (US) President-elect Joseph Biden has unveiled a fresh $1.9 trillion plan which would include financial help to affected individuals, states and local governments and businesses, reports Hindustan Times.
Called "American Rescue Plan", it envisages rolling out $1,400 stimulus checks to individuals, $400 billion allocation to manage the pandemic, $350 billion in assistance for state, local, and tribal governments, and a $15 per hour federal minimum wage.
Under Biden’s plan, $160 billion will be directed in funding toward a national vaccination effort and expanded coronavirus testing. Biden also pledged to organize 100 million vaccinations in his first 100 days in office
The plan would include $1,400 cash support for the Americans supplementing the $600 cheques recently received by individuals earning less than $75,000 per year , an extension on temporary unemployment benefits, a moratorium on evictions, and also a foreclosure through September. Meanwhile, $400 billion of the package would directly be used to combat the pandemic, while the rest would be used to provide economic relief and aid to states and localities.
To be paid with new borrowed money, the American rescue Plan would add trillions of dollars to the US government's debt. It would add to the $900 billion relief stimulus which had been enforced just weeks ago.
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