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spoke about the economy on Monday and pushed for Congress . Without another economic aid package, programs created by the in March expires on December 31.
“Right now, Congress needs to get together and approve a COVID aid package, like itthat passed the House six months ago, “Biden said Monday.” Once we get rid of the virus and provide economic aid to workers and businesses, we better start building than before. “
with the . The White House appears to have pulled out of its $ 1.9 trillion pre-election proposal, which did not receive support from the GOP. The leading Democratic and Republican lawmakers – House Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell, respectively, are set to begin negotiations soon, according to Senate Minority Leader Chuck Schumer, as reported by CNBC Thursday. The two political parties will have to pass on more government funding by December 11 to avoid a shutdown.
Biden explained his plan for the consequences of theabout the US economy, starting with and a new set of strategies that complement a similar plan that Biden launched during his presidential campaign.
Read on to check out everything Biden is up to in regards to incentive payments.
One second of stimulus checks
The, passed in March, was the first stimulus package designed to help people affected financially by the pandemic. One of the most popular aspects of the act was one broadcast to more than 160 million Americans. That immediate help caused a jump .
Biden’s plan, like the one Trump has backed, will include, but it doesn’t specify how much or for how much, or . Democrats and Republicans are currently negotiating that would include , but the clock is ticking to get a bill approved.
A Boost unemployment benefits
COVID-19 lockdowns in cities led to an unprecedented spike in unemployment, with more than 20 million people losing their jobs in May. To help those unemployed suddenly, the CARES Act provided for a weekly bonus payment of $ 600 on top of the unemployment benefits provided by the states. These extra funds, and Trump relaunched a smaller version of the bonus in August . This provided temporary shelter and has since been exhausted; only a new stimulus package would generate more money. (Here is .)
Biden’s plan doesn’t go into details about how much funding may be available. It does say that a bill would improve unemployment benefits.
Larger social security checks
Since then, there have been no measures to boost social security in the CARES law or in other aid packages. Biden’s incentive plan requires that an additional $ 200 be added to the monthly payments that go to Social Security recipients.
Federal Student Loan Forgiveness
The CARES Act included a tolerance for student loans. Individuals who owed money didn’t have to make payments or see interest rates grow until “the end of September,” according to Biden’s view of stimulus measures. Of course, if it were to be implemented in the future, there would be a different cut-off date.
In August. Biden’s plan goes in a different direction by offering a minimum $ 10,000 loan forgiveness. Senator Elizabeth Warren from Massachusetts, a Democrat and former presidential candidate, outlined a plan in September to cancel the federal student loan debt.
Biden’s plan would also include:
- More money for small businesses
- Emergency absenteeism for anyone who needs it
- Tax relief for states
- No cash for COVID-19 testing, treatment and any
Read to learn more about the stimulus package situation, why you could and all reasons .