THE TRANSATLANTIC MAGAZINE
President-Elect Joe Biden has announced plans for a $1.9 trillion stimulus package designed to boost the US economy amid the continuing coronavirus pandemic. The plans, if passed by Congress, would include an additional Economic Impact Payment (EIP) of $1,400 for US Taxpayers. The direct payments would be in addition to the recently rolled out $600 second EIPs, which the IRS has already started to distribute.
Addressing the nation, President-Elect Biden explained that "During this pandemic, millions of Americans, through no fault of their own, have lost the dignity and respect that comes with a job and a paycheck ... There is real pain overwhelming the real economy." Pointing to the challenging economic environment, Biden added that "The very health of our nation is at stake ... We have to act and we have to act now."
The stimulus package also includes an extra $415 billion earmarked for fighting the pandemic, and $440 billion to support small businesses. Funding is specifically being aimed at boosting the US' vaccine program.
It's likely that the plan will be put before Congress in the first weeks of the new administration, which will formally begin on January 20.
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