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

US President-elect Joe Biden on Thursday announced a $1.9 trillion plan to revive the country's economy and combat the coronavirus

Joe Biden | Photo: Bloomberg

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."

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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.)

First Published: Jan 15 2021 | 6:14 AM IST

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