Money Spigots On
The money spigots are on as Biden Proposes $1.9 Trillion Covid-19 Relief Package.
Mr. Biden in a speech Thursday evening plans to lay out priorities related to the pandemic for the early days of his administration. He will urge Congress to back a round of $1,400-per-person direct payments to most households, a $400-per-week unemployment insurance supplement through September, expanded paid leave and increases in the child tax credit. Aid for households makes up about half of the plan’s cost, with much of the rest going to vaccine distribution and state and local governments.
“We will get right to work to turn President-elect Biden’s vision into legislation that will pass both chambers and be signed into law,” Sen. Chuck Schumer, the Democratic leader, and House Speaker Nancy Pelosi (D., Calif.) said in a joint statement.
Mr. Biden is also expected to release a second proposal focused on economic recovery that will also use jobs and infrastructure as a tool to combat climate change, the officials said.
Mr. Biden’s American Rescue Plan calls for additional stimulus checks beyond the $1,200 round approved in March and the $600 set approved in December, sending out an additional $1,400 per person to bring the amount sent to families in the past few months to the $2,000 mark he promised. He would expand eligibility to include adult dependents such as college students who were excluded from previous versions.
In a poverty-fighting move long sought by many Democrats, the child tax credit would rise from $2,000 to $3,000 for this year under his plan, with an additional $600 for children under 6 years old and new rules that would let the poorest households get the full benefit. The plan also includes money to help households with the costs of rent and child care, plus $350 billion for state and local governments.
Mr. Biden will propose to extend the eviction and foreclosure moratorium, which currently goes until the end of this month, through the end of September.
While Mr. Biden supports $10,000 of student loan forgiveness, the current proposal doesn’t include it, an official said. Instead the focus will be on extending student loan forbearance, which allows people to temporarily pause loan payments.
Biden just gave a speech that I watched. He took no questions.
Video Short Synopsis
I will update this post with a transcript and more details of his package as soon as I have them.