President-Elect Joe Biden Proposes $1.9 Trillion Economic Relief Package
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President-elect Joe Biden proposed a $1.9 trillion American Rescue Plan to provide communities decimated by COVID-19 restrictions with economic relief.
While the newly proposed plan is similar to Congress’s $3 trillion COVID-19 relief bill from last March, this plan aims to aid the unemployed, support small businesses, and local governments. Biden released a statement announcing the plan hoping it will “build a bridge towards economic recovery.”
The plan will set up a national vaccine program and aims to safely reopen schools in the first 100 days and release additional stimulus checks of $1,400 per person.
ADDITIONAL FINANCIAL RELIEF
Biden wants to provide an additional $1,400 to the $600 stimulus payments approved by Congress last month, making the new total amount $2,000. The plan will also boost unemployment assistance to $400 per week instead of the $300 that Congress originally set. The relief program will extend through September.
There will be an investment of $3 billion to help women and children with food assistance and $1 billion in nutrition assistance for U.S. territories.
Biden also wants Congress to raise the hourly federal minimum wage to $15.
RENTAL AND HEALTH ASSISTANCE
The plan will include $25 billion in rental assistance for jobless households and $5 billion for those struggling to pay utility bills. This funding is on top of the $25 billion relief established back in December.
It will also extend the eviction moratorium through Sept. 30.
Biden will seek to increase the Affordable Care Act’s subsidies and ensure that enrollees will not pay more than 8.5% of their income for health coverage.
TEMPORARY INCREASE IN TAX CREDITS
The plan proposes an increase in the Child Tax Credit to $3,600 for children six years of age and younger. And $3,000 for children between the ages of 6- 17. He will also propose to raise the maximum Earned Tax Credit for adults without children close to $1,500.
Both of these proposals are for one year.
PROVIDE SUPPORT FOR SCHOOLS
The plan will provide $130 billion in reopening schools safely, $35 billion in helping public institutions and their students, and $5 billion for the K-12 and early education programs affected by the COVID-19 pandemic.
WHAT THE LEFT IS SAYING:
WHAT THE RIGHT IS SAYING: