Biden announces new $ 1.9 trillion COVID bailout bill

President-elect Joe Biden Announces his $ 1.9 trillion Coronavirus Economic Relief Plan Thursday night. This is an expensive law with three main goals. $ 400 billion to stop the spread of COVID-19 and increase vaccine capacity. Over $ 1 trillion to support families in need of direct financial support. $ 440 billion in emergency funding for small businesses and communities running out of cash.

Biden’s “American Rescue” program calls for an additional $ 1,400 to the American stimulus check in addition to the already approved $ 600, for a total stimulus of $ 2,000. Other financial assistance includes expanding unemployment insurance by $ 100 to a total of $ 400 per week and increasing the child tax deduction to $ 3,000 per child.

The president-elect also wants to implement emergency paid illness, family and medical leave, stabilize childcare centers with $ 25 billion in emergency funding, and prevent COVID-related evictions.

His proposed bill will also launch his push to end the $ 15 national minimum wage and tipped minimum wage.

Biden is proposing $ 400 billion to strengthen the vaccine infrastructure, with a particular focus on increasing the number of vaccine distribution locations in the community. High-ranking officials from the next Biden administration reiterated their belief that the goal of 100 million vaccinations in the first 100 days would be achieved.

The next official said it would not depend on the availability of additional vaccines, such as the single-dose Johnson & Johnson vaccine awaiting approval from the Food and Drug Administration. Under this plan, the vaccine will be free and available to anyone, regardless of immigrant status.

The COVID-19 test will also be expanded, adding an additional $ 50 billion. A strong public health work force of 100,000 will help disseminate factual information about vaccines and track cases of COVID.

Biden’s Coronavirus Package is proposing $ 170 billion to renew schools from kindergarten to high school to prepare for in-class instruction. Funds can be used to reduce class size, change space, improve ventilation, and provide additional funding to summer schools to make up for lost time.

Higher education institutions, including public universities, HBCUs and other minority serving institutions, can receive $ 35 billion in support. Biden’s plans detail that “millions” of students will be able to receive an additional $ 1,700 in financial assistance with this money.

The proposal to abolish Mr. Biden’s $ 10,000 student loan debt is not included in the plan, but the next senior Biden official said at a press conference that he still supported the idea and the Biden administration said that the student loan ” Payments said they had repeated plans to continue the “pause”.

Finally, to help those struggling, Biden is demanding $ 15 billion to go directly to one million SMEs. He also wants to increase lending to companies in need. Community transport, tribal communities, and technology investment are also included in the bill.

This is the first of two bills that Mr. Biden plans to address COVID-19. His transition team said it would submit a second “recovery” bill in February.

How does Biden persuade Congress to pass the bill?

CBS News, reported Wednesday, has already begun the Biden White House’s bipartisan support for the COVID bailout package. This could mean a major change to the law to attract more Republican support. This goal was also communicated to Congressional aides on Tuesday.

Even if Mr Biden fails to reach an agreement with the Senate Republican Party, this package may pass under a settlement. This is a process that may also be used for spending measures. Under this approach, the bill requires only a simple majority to pass and is not blocked by filibuster. Most Senate bills require 60 votes to overcome filibuster. This option is used to pass the Biden team framework with Democratic votes only. Once the Georgia Senate election results are approved, a 50-50 split will occur between Senate Democrats and Republicans, and Kamala Harris in the Vice Presidential election will break the relationship. Democrats dominate the Senate with Harris as 51 votes.

The bill is likely to face intense lobbying from parliamentarians and extraordinary interests, which can affect the final price tag.

Biden announces new $ 1.9 trillion COVID bailout bill

Source link Biden announces new $ 1.9 trillion COVID bailout bill

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