The New York Times has reported that the US President-elect, Joe Biden, will deliver a $1.9 trillion plan to the nation Thursday evening.
As part of the covid package, Biden's $2,000 stimulus checks will "come in the form of additional $1,400 stimulus checks, topping up the $600 checks that Congress approved in December," the NYT wrote.
Outline of the plan
- Plan will include $2000 direct payments.
- Includes more vaccines and virus testing.
- Will include aid for state and local governments.
- An extension of supplemental federal unemployment benefits.
- More help for renters.
- Money for schools to open.
Additional information
-
$350 billion to states for front line workers, $50 billion in expanded testing, $160 billion for national vaccine program.
-
$1tln in direct support for households
- Circa $440 bn for business, most-impacted communities
- Stimulus checks to be topped up by $1,400 (so $2,000 in total, the initial $600 + $1,400)
- Supplemental unemployment benefit to $400 / week (its currently $300) and extended to September 2021
- National minimum wage of $15, an end to tipped minimum wage.
- Biden will attempt to get his "American Rescue Plan" passed through Congress in the first weeks of his administration.
WATCH LIVE: Biden to announce COVID-19 economic recovery plan
Biden hopes his multipronged strategy, to be detailed in a Thursday evening speech, will put the country on the path to recovery by the end of his first 100 days.
“It’s going to be hard,” Biden said Monday after he got his second vaccine shot. “It’s not going to be easy. But we can get it done.”
Next Wednesday, when Biden will be sworn in as president, marks the one-year anniversary of the first confirmed case of COVID-19 in the United States.
Market implications
US stocks edged lower Thursday afternoon as investors awaited details of the incoming Democrat administration’s plans for a fresh coronavirus relief package.
The Dow Jones Industrial Average pared earlier gains, falling about 0.1%. The S&P 500 dropped 0.2%, while the Nasdaq Composite hovered around flat.
The markets are counting on additional stimulus to help the economy recoup wide-ranging losses stemming from the coronavirus pandemic and restrictions put in place to fight it.
The US dollar is correcting higher as US yields run to the highest levels since March 2020 while investors bet on longer-term stronger economic growth and inflation.
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