President-elect Joe Biden has come up with a $1.9T Covid Relief Plan as a simulator to the American economy which is facing the worst slump since the Great Depression of 1929.
America Rescue Plan includes immediate response towards housing, unemployment, education, and Covid-19 testing. Biden will be first seeking approval for two stimulus package plans soon after his presidential inauguration on the twentieth of January.
During the announcement of Proposal in Delaware, President-elect Joe Biden said, "The crisis of human suffering is in plain sight, and there’s no time to waste. We have to act, and we have to act now ... I know what I just described does not come cheaply, but failure to do so will cost us dearly. The consensus among leading economists is we simply cannot afford not to do what I’m proposing."
Biden plans to increase unemployment benefits that will end in March to $400 and extend it till September. He also plans to increase the minimum wage to $15 per hour.
The new stimulus package from Biden will be $1400 more than $600 checks approved by Congress in December.
Although some Republicans have raised eyebrows over Biden's plan, the democrat-controlled Congress is likely to approve the bill with an easy majority.