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For US $ 1.5 trillion: Biden will propose a new fiscal stimulus plan, according to media

15 minutes. The president-elect of the United States (USA), Joe Biden, will unveil details of his fiscal stimulus plan on Thursday, whose cost would be around 1.5 trillion dollars, with more direct aid to citizens and companies and higher spending for the vaccination against COVID-19, according to the media.

The Democrat will announce the initiative this Thursday night at a ceremony in Wilmington (Delaware). You will be accompanied by your economic team.

Biden’s stimulus plan proposals include new direct money transfers for citizens. Also, support for state and local governments, as well as specific support through tax breaks for families with children.

To this will be added new funds to speed up the distribution of coronavirus vaccines. It also includes specific items for the reopening of schools and an extension of supplementary federal unemployment benefits.

After this first impulse plan, Biden plans to launch an infrastructure investment package to revitalize employment by the end of the year. This wide-ranging project had already been raised at the time, without success, by his 2 immediate predecessors: Donald Trump and Barack Obama.

Latent pandemic

The resurgence of COVID-19 cases and the resumption of restrictions on commercial and educational activities brought the number of applications for unemployment benefits last week, known this Thursday, to more than 800,000 processes in December, a month in which traditionally the economy requires more workers during the end of the year holidays.

Biden’s stimulus plan must be approved by Congress, where Democrats have a majority in both houses. However, they will have to obtain the support of a dozen Republicans in the Senate to carry out their far-reaching proposal.

In late 2020, Congress approved another $ 900 billion stimulus package aimed at alleviating the deterioration of the economy due to the pandemic. It included direct payments of $ 600 to all Americans with an annual income less than $ 75,000, which Biden and Democrats welcomed but deemed insufficient.

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