Biden Unveils $1.9 Trillion Rescue Plan to Handle Economy, Pandemic

By Staff, Agencies 

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

Dubbed the American Rescue Plan, the aid package includes $415 billion to bolster the response to the virus and the rollout of COVID-19 vaccines, $1 trillion in direct relief to households, as well as some $440 billion for small businesses and communities particularly hard hit by the virus and lockdowns, including among minorities.

"The return on these investment in jobs, racial equity will prevent long-term economic damage, and the benefits will far surpass the cost," Biden said during a speech in Wilmington, Delaware. "In this moment of crisis... we cannot afford inaction."

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 upward of 385,000 people in the United States as of Friday.

Transition officials said Biden’s plan will be a rescue package that will be followed up with another recovery package in the coming weeks, to include extending the moratoriums on foreclosures and evictions until September, as well as funding for rental and utility assistance.