The U.S. President-elect Joe Biden has outlined a $1.9 trillion stimulus package proposal on Thursday, in what he calls a bold investment needed to jump-start the economy and accelerate the distribution of vaccines to bring the coronavirus under control.
In his remarks from the State of Delaware, the President-elect said that action is needed, and the action is needed now. “A crisis of deep human suffering is in plain sight and there’s no time to waste,” he said.
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The aid package includes the following;
- $415 billion to bolster the response to the virus and the rollout of COVID-19 vaccines
- $1 trillion in direct relief to households
- $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.
President Donald Trump had supported and requested the U.S. Congress to increase the stimulus check in last congressional stimulus package to $2,000. Many Republicans in Congress balked at the price tag for such payments.
Republicans in Congress are likely to object to the Biden’s plan, just as they had opposed such amounts being paid out to Americans during the passing of the $900 billion aid package Congress passed in December.
The U.S equity index futures all but ignored the announcement, as it barely changed after Biden’s speech, details of which emerged during Thursday’s trading session.
By; Nnamdi M.
