Biden announces $1.9 trillion stimulus Covid-19 'American Rescue Plan'

Topics Joe Biden | US | US government

Joe Biden

US President-elect Joe Biden on Thursday (local time) announced a USD 1.9 trillion plan to revive the country's economy and combat the coronavirus.

"We have no time to waste when it comes to getting this virus under control and building our economy back better," the incoming president said .

Tweeting ahead of his remarks Biden said: "We need to tackle the public health and economic crises we're facing head-on. That's why today, I'm announcing my American Rescue Plan. Together we'll change the course of the pandemic, build a bridge toward economic recovery, and invest in racial justice."

The Biden plan will ask Congress to approve up to USD 400 billion to combat the novel coronavirus so it can establish community vaccination sites across the United States and boost testing and tracing, Sputnik quoted from a release issued by Biden's transition team.

The team said that the Biden's USD 1.9 trillion 'American Rescue Plan' is ambitious, but achievable, and will rescue the American economy and start beating the virus.

It further said, "Congress should act expeditiously to help working families, communities, and small businesses persevere through the pandemic."

The plan has also proposed to provide eligible individuals with USD 1,4000 in stimulus payments.

The plan seeks to provide USD 130 billion to help US schools safely reopen within the first 100 days of Biden's presidency.

On January 20, President-elect Joe Biden and Vice President-elect Kamala Harris will be taking the oath.


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel