Biden to unveil plan to inject $ 1.5 trillion into pandemic-hit economy By Reuters

By Jeff Mason and Jarrett Renshaw WILMINGTON, Del. (Reuters) – President-elect Joe Biden will unveil a proposed stimulus package on Thursday designed to jumpstart the economy during the coronavirus pandemic with an economic lifeline that could exceed $ 1.5 trillion. dollars and helping minority communities. Biden campaigned last year on a promise to take the pandemic more seriously than President Donald Trump, and the package aims to put that promise into action with an influx of resources for the launch of the coronavirus vaccine and economic recovery. . The incoming administration will work with Congress on the quick stimulus package after Biden takes office on January 20, although Trump’s impeachment threatens to consume lawmakers in the first few weeks. The stimulus package is priced above $ 1.5 trillion and includes a stimulus check commitment of $ 1,400, according to a source familiar with the proposal, and Biden is expected to commit to partnering with private companies to increase the number of Americans who get vaccinated. A significant portion of the additional financial resources will be dedicated to minority communities. “I think you will see a real emphasis on these underserved communities, where there is a lot of work to be done,” said another transition official. Biden plans to present his package during a primetime address Thursday night, underscoring the seriousness of the issue, but will have to compete for attention with the political drama in Washington. The Democratic-led House of Representatives voted to impeach Trump on Wednesday, making him the first president in US history to be indicted twice. Ten of his fellow Republicans joined Democrats in accusing him of inciting an insurrection in last week’s deadly rampage on Capitol Hill. Impeachment proceedings threaten to delay the start of Biden’s term. In a statement Wednesday night, Biden said, “I hope that the Senate leadership will find a way to deal with its constitutional responsibilities in impeachment while also working on the other pressing issues of this nation.” The Democratic president-elect said last week that the stimulus package would be “in the trillions of dollars” and argued that higher spending early on would reduce the long-term economic damage from shutdowns caused by the pandemic. He also said there would be “billions of dollars” to accelerate vaccine distribution, along with money to help reopen schools and for state and local governments to avoid laying off teachers, police and healthcare workers. More than 380,000 People in the United States have died of COVID-19 during the pandemic, with 22.7 million infected during that time. Closures and restrictions related to the pandemic have cost millions of jobs in the US. Although Trump himself supported $ 2,000 checks for Americans in the latest round of stimulus, many of his fellow Republicans resisted the large amount instead, settling on $ 600 checks. Biden may face additional opposition from Republicans to his efforts, But it will be helped by the fact that his fellow Democrats will control both the House and the Senate. Biden’s incoming economic adviser to the White House, Brian Deese, told Reuters on Wednesday that the president-elect would pressure Congress to pass immediate stimulus measures and then turn to longer-term economic recovery measures related to health and infrastructure.

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