WithJust now on his way to the 50 US states, Biden repeatedly says the country will need it in the spring to see the country through what some claim could be many more months of recovery until the economy is back on its feet.
Biden’s stimulus package for 2021 is expected to be one, financing and more.
“It will be in the trillions of dollars,” Biden said on Jan. 8 of the cost of the. “The price tag will be high.”
“The overwhelming consensus among leading economists left, right and center is that in order to keep the economy from collapsing this year and getting much, much worse, we now need to invest significant amounts of money to grow the economy,” he added. to.
Here are six areas Biden andlooks set to get big in 2021.
A third incentive payment of $ 2,000
The IRS is just creating thein front of . But after approving the $ 600 amount late last year, some in Congress immediately pushed for it . Although the attempt failed, Biden will try one again approved as part of a comprehensive economic rescue package. Congress could decide to target payments to the most deprived by tightening the requirements for who is eligible for a check.
“We need more direct help going to families and small businesses, including completing the task of giving people that $ 2,000 direct payment., ”Biden added.
$ 600 Weekly Federal Unemployment Benefits
The weeklyCongress approved in December as part of the $ 900 billion COVID relief legislation . During his presidential campaign, Biden pushed for reform of the unemployment system, saying he would work with Congress to extend the $ 600 unemployment benefits allowed under last year’s CARES Act “for as long as this crisis. takes”.
In the days leading up to his inauguration, Biden has not given details of his plans for additional federal unemployment assistance – all he says is that more employment support will be part of his bailout package – but Democratic Senator Ron Wyden, who is the incoming chairman of the financial committee of the Senate said he has spoken with the Biden government about extending payments, the Washington Post reported.
Extensive vaccine delivery
Along with economic support from American individuals, families and small businesses, Biden will push Congress for funding for it. “I will move immediately for the most urgent need to ask Congress to give me the financial means to deal with the virus,” Biden said Friday. “I am determined to get 100 million shots into people’s arms in the first 100 days.”
Minimum wage increase to $ 15 an hour
Biden has also said he would push for an increase in the minimum wage from the current $ 7.25 an hour. “It’s time to raise the minimum wage,” Biden said Friday. “No one, no one should work the way millions do today, 40 hours a week on a job, and still live below the poverty line. They are entitled to a minimum of $ 15 minimum wage an hour.” It’s not clear whether Biden would include this in a COVID rescue package or promote it separately.
Student loan forgiveness
On Friday, Biden government officials said the incoming president would ask Congress to cancel $ 10,000 in student debt for all borrowers and extend the pause on student loan repayment, CNBC reported. As with the minimum wage, Biden did not say whether he would ask Congress to address the loan waiver as part of the larger lump sum or separately.
State, local and tribal aid
Along with the extension of liability protections pushed for by Republicans, democratic support for funding from national, local and tribal governments was a major obstacle to reaching agreement on a new economic assistance package in the second half of last year. With, Biden has pledged support for state and local funding as part of his government’s aid package.
Since the fall, economists have been urging Congress to provide funding for state and local government jobs: “There are strong arguments for additional aid because the downside risk of doing nothing is quite real,” wrote the American Enterprise Institute. , a conservative think tank, late last year. “The fact that more than 1 million state and local government employees have lost their jobs is a sign that the tax problems have had real repercussions.”
On Friday, Biden reiterated his concern that the state and local governments are “cutting jobs” as a result of the pandemic and pledged to provide “immediate relief”.
Funding to reopen schools
A critical part of the economic recovery is getting students back on campus. “We will also need tens of millions of dollars to help our schools reopen and open safely,” Biden said Friday.
We will continue to update this story as Biden reveals his detailed plans. For more information about incentive money, click here, and here’s what you need to know about it .