With COVID-19 deaths close to 400,000, spikes in infections across the country and jobless claims once again lurching higher, the economy is in trouble. In response, President-elect Joe Biden’s $1.9 trillion economic rescue plan is aggressive, expansive and expensive, as some economists say now is the time to go big.
However, not everyone is sure the “American Rescue Plan” will pass, even with the Democrats controlling the House and Senate.
“Biden’s decision to raise the ante for a COVID relief bill suggests that he is anxious to address the deleterious effect of the pandemic on the U.S. economy as quickly as possible,” wrote Tom McLoughlin and Brian Rose of UBS Global Wealth Management.
“But the proposal carries a risk that its sheer size and scope will deter Republicans from participating in bipartisan negotiations.”
This package is in addition to the $900 billion relief package signed into law in December. Further, another aid request is planned in the near future that will focus on climate change and retraining and longer-term job creation.
See the slideshow above for 11 key aspects of the new economic rescue package.
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