Monday, December 6, 2021

Biden unveils $1.9 tn economic plan as US recovery buckles

WILMINGTON, United States: President-elect Joe Biden will propose injecting $1.9 trillion into the US economy when he takes office next week, as evidence mounts that the recovery from the sharp downturn caused by Covid-19 is flagging.

With his fellow Democrats narrowly controlling both houses of Congress, Biden has a shot at passing what would be the United States’ third massive pandemic aid package. Dubbed the American Rescue Plan, the proposal released Thursday includes a host of measures aimed at revitalizing the world’s largest economy.

Biden aims to raise the federal minimum wage to $15 an hour, help struggling state and local governments, safely reopen schools, roll out a massive Covid-19 vaccination campaign and raise the size of stimulus checks Congress approved last month. “The return on these investment in jobs, racial equity will prevent long-term economic damage, and the benefits will far surpass the cost,” Biden said during a speech in Wilmington, Delaware.



Source: The News

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