WORLD

Biden to Pump $1.5 Trillion into Pandemic-hit Economy

President-elect Joe Biden will unveil a stimulus package proposal on Thursday designed to jump-start the economy during the coronavirus pandemic with an economic lifeline that could exceed $1.5 trillion and help minority communities.
Biden campaigned last year on a promise to take the pandemic more seriously than President Donald Trump, and the package aims to put that pledge into action with an influx of resources for the coronavirus vaccine rollout and economic recovery.
The incoming administration will work with Congress on the quick stimulus package after Biden takes office on Jan. 20, although the impeachment of Trump threatens to consume lawmakers in the initial weeks.
The stimulus package has a price tag above $1.5 trillion and includes a commitment for $1,400 stimulus checks, according to a source familiar with the proposal, and Biden is expected to commit to partner with private companies to increase the number of Americans getting vaccinated.
A significant portion of the additional financial resources will be dedicated to minority communities. “I think you will see a real emphasis on these underserved communities, where there is a lot of hard work to do,” said another transition official.
Biden plans to introduce his package during a prime-time address on Thursday evening, underscoring the seriousness of the topic, but he will have to compete for attention with the political drama in Washington.
In a statement on Wednesday night, Biden said: “I hope that the Senate leadership will find a way to deal with their Constitutional responsibilities on impeachment while also working on the other urgent business of this nation.”

Get Daily Prediction & Stocks Tips On Your Mobile


This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More