President-elect Joe Biden announced his $1.9 trillion plan, called the American Rescue Plan, to get the economy rolling once he takes office, including additional direct stimulus payments to individuals, according to CNBC.
The proposal will be one of two proposals Biden will present to the soon-to-be Democratically-controlled Congress. The second, to be presented in February, will deal with long-term stabilization and growth issues like creating jobs, reforming infrastructure, combating climate change and advancing racial equity.
From CNBC, the items Biden will push for include:
- Direct payments of $1,400 to most Americans, bringing the total relief to $2,000, including December’s $600 payments
- Increasing the federal, per-week unemployment benefit to $400 and extending it through the end of September
- Increasing the federal minimum wage to $15 per hour
- Extending the eviction and foreclosure moratoriums until the end of September
- $350 billion in state and local government aid
- $170 billion for K-12 schools and institutions of higher education
- $50 billion toward Covid-19 testing
- $20 billion toward a national vaccine program in partnership with states, localities and tribes
- Making the Child Tax Credit fully refundable for the year and increasing the credit to $3,000 per child ($3,600 for a child under age 6)