Biden announces $1.9 trillion COVID-19 rescue plan

President-elect Joe Biden on Thursday unveiled the details of a $1.9 trillion Coronavirus rescue package designed to support households and businesses through the pandemic. Here’s what Biden calls for:

  • Direct payments of $1,400 to most Americans, bringing the total relief to $2,000, including December’s $600 payments
  • Increasing the federal, per-week unemployment benefit to $400 and extending it through the end of September
  • $350 billion in state and local government aid
  • $170 billion for K-12 schools and institutions of higher education
  • $20 billion toward a national vaccine program in partnership with states, localities and tribes
  • Making the Child Tax Credit fully refundable for the year and increasing the credit to $3,000 per child ($3,600 for a child under age 6).

Biden acknowledged the ambition  and the cost of his plan, but he argued that the bold investments will pay dividends for the nation, CNBC Reported.

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