• Tue. Sep 21st, 2021

Biden unveils $1.9 trillion COVID-19 and economic rescue plan

Wire Services

President Joe Biden unveiled a $1.9 trillion coronavirus plan to turn the tide on the pandemic, speeding up the vaccine rollout and providing financial help to individuals, states and local governments and businesses struggling with the prolonged economic fallout. The plan was proposed in a January 14 speech, just days prior to Biden being sworn in as President on January 20.

Called the “American Rescue Plan,” the legislative proposal would meet Biden’s goal of administering 100 million vaccines by the 100th day of his administration, while advancing his objective of reopening most schools by the spring. On a parallel track, it would deliver another round of aid to stabilize the economy while the public health effort seeks the upper hand on the pandemic.

It includes $1,400 checks for most Americans, which on top of $600 provided in the most recent COVID-19 bill would bring the total to the $2,000 that Biden has called for. The plan would also extend a temporary boost in unemployment benefits and a moratorium on evictions and foreclosures through September.

And it includes increasing the minimum wage to $15 an hour, expanding paid leave for workers and increasing tax credits for families with children. The last item would make it easier for women to go back to work, which in turn would help the economy recover.

The emergency legislation would be paid for with borrowed money, adding to trillions in debt the government has already incurred to confront the pandemic. Biden says the additional spending and borrowing is necessary to prevent the economy from sliding into an even deeper hole. Interest rates are low, making debt more manageable.

Biden has long held that economic recovery is inextricably linked with controlling the coronavirus. “Our work begins with getting COVID under control,” he declared in his victory speech. “We cannot repair the economy, restore our vitality or relish life’s most precious moments until we get it under control.”

Under Biden’s plan, about $400 billion would go directly to combating the pandemic, while the rest is focused on economic relief and aid to states and localities.

About $20 billion would be allocated for a more disciplined focus on vaccination, on top of some $8 billion already approved by Congress. Biden has called for setting up mass vaccination centers and sending mobile units to hard-to-reach areas.

The plan provides $50 billion to expand testing, which is seen as key to reopening most schools by the end of the new administration’s first 100 days. About $130 billion would be allocated to help schools reopen without risking further contagion.

Throughout the plan, there’s a focus on ensuring that minority communities that have borne the brunt of the pandemic are not shortchanged on vaccines and treatments, aides said.

Biden is asking Americans to override their sense of pandemic fatigue and recommit to wearing masks, practicing social distancing and avoiding indoor gatherings, particularly larger ones.