The US economy has suffered a lot due to the pandemic. Time and again power circles have been asked by the business community and economists to announce a stimulus package to offer some sort of relief to the general public as well as a small business. It appears that Joe Biden has finally realized the importance of a relief package and is geared to bring the economy back to the pre-COVID phase by announcing a humungous relief package of $1.9 trillion.
Joe Biden during his election campaign has made promises to revive the economy while containing the coronavirus outbreak. If Congress approves this package, then deserving households would receive around $1,400 as direct payments from $1.9 trillion.
There’s good news for small businesses too as $440 billion will be allocated to support them whereas $415 billion will be dedicated to fight the coronavirus and speed up the relief efforts.
Trump has been widely criticized for mishandling and undermining the coronavirus situation, which experts believe eventually led to his downfall. On the contrary, Joe Biden repeatedly vowed during his campaign to handle the situation in a much better way. And it appears that he is all set to deliver on his promise.
The stimulus package approved last month already included $600 as a direct payment to households and in this new package, $1,400 dollar will be added on top of that. This basically means that the deserving household will get around $2,000 as direct payment – which Trump advocated for before reluctantly agreeing on the earlier stimulus package.
Biden while addressing the nation from his hometown in Wilmington, Delaware mentioned that the country is going through difficult times and people are suffering. He also stressed the fact that they cannot afford to waste more time due to political differences.
He went on to explain that the health of the entire nation is at risk as the number of positive cases per day is around 200,000 with a death toll touching 4,000 per day.
As part of his coronavirus plan, he has allocated $20 billion to vaccinate the population of the country while expressing his displeasure over how the vaccination has been administered till now. He is also planning to allocate $50 billion to expand the testing capacity and $130 billion to assist schools to reopen sooner.
It is highly likely that the Republicans are going to object to his plans and may object to this proposal. However, how soon Congress can discuss the proposal is not certain considering the fact that they are waiting to impeach the outgoing president.