“We have no time to waste when it comes to getting this virus under control and building our economy back better,” he announced in a statement. In his address to the nation on Thursday evening, he said that immediate action will prevent long term economic damage, adding that “the benefits will far surpass the costs.”
Biden asserted that more spending early on would reduce the long-term economic damage caused by the CCP (Chinese Communist Party) virus lockdowns and restrictions.
Biden explained that his plan involves two steps, “rescue” and “recovery.” He said he will announce his “Build back Better” recovery plan next month to address infrastructure and innovation.
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The “American Rescue Plan” includes $1,400 stimulus payment checks that will be added on top of the $600 checks that were issued under the last stimulus. This amounts to some $1 trillion in direct relief. Biden noted the $600 provided per person so far is “not enough.”
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The legislative proposal also provides approximately $440 billion for critical support to struggling communities, including for small businesses, educators, public transport workers, and first responders. Biden is also calling to increase the minimum wage to $15 an hour.
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The legislative proposal also extends moratoriums on foreclosures and evictions until Sept. 30, and includes $25 billion in funding for rental and $5 billion for utility assistance. “If we don’t act now there will be a wave of evictions and foreclosures,” Biden said. “This will provide more than 25 million Americans greater stability instead of living on the edge every single month.”
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More than 2 million Americans have contracted the CCP virus and more than 385,000 deaths have been linked to the CCP virus, which causes the COVID-19 disease. Jobless claims have risen to 965,000, according to the latest figures issued by the Labor Department.
Biden’s proposal increases the supplemental unemployment insurance to $400 a week from $300 a week, and the payments will be extended to September.
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The package also includes assistance to fight hunger, including proposing to extend the 15 percent Supplemental Nutrition Assistance Program (SNAP) benefit increase to September, investing $3 billion in the in the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC), and $1 billion in additional nutrition assistance for U.S. territories.
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About $415 billion will be channeled toward health care, including $20 billion to support a national vaccine program, $50 billion to expand testing, investments for workers to conduct vaccine outreach and contact tracing, and funding for states.
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Biden’s goal is to administer some 100 million vaccines by the 100th day of his administration.
The legislation proposal calls for $350 billion in emergency funding for state, local, and territorial governments to help pay front line public workers, distribute the vaccine and scaling COVID-19 testing, reopen schools, and other services.
House Speaker Nancy Pelosi (D-Calif.) and Senate Minority Leader Chuck Schumer (D-N.Y.) said they would move quickly to pass legislation.
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