President-elect Biden announces $1.9 trillion COVID economic plan

New plan promises larger stimulus checks, more financial relief

FILE - In this Friday, Jan. 8, 2021 file photo, President-elect Joe Biden speaks during an event at The Queen theater in Wilmington, Del., to announce key administration posts. U.S. President-elect Joe Biden should bring fundamental change to U.S. policy on human rights and allow criminal investigations of President Donald Trump, the head of Human Rights Watch said on Wednesday Jan. 13, 2021. (AP Photo/Susan Walsh, File) (Susan Walsh, Copyright 2021 The Associated Press. All rights reserved.)

President-elect Joe Biden announced a $1.9 trillion economic plan to help stem the virus and provide financial assistance to individuals, businesses and state and local governments during a live event Thursday.

The live stream for this event has ended. Learn more about the economic plan here.

At the end of December, President Trump signed off on a $900 billion coronavirus relief bill that provided $600 stimulus checks to most Americans after weeks of negotiating and controversy. Once inaugurated on Jan. 20, Biden has promised to support a new economic plan that would deliver larger stimulus checks and financial relief to individuals and businesses struggling amid the pandemic’s economic fallout.

Related: Michigan Gov. Whitmer believes $2,000 stimulus checks ‘absolutely necessary’ for struggling Americans

Biden unveiling $1.9T plan to stem virus and steady economy (AP)

President-elect Joe Biden is unveiling a $1.9 trillion coronavirus plan Thursday to turn the tide on the pandemic, speeding up the vaccine rollout and providing financial help to individuals, states and local governments and businesses struggling with the prolonged economic fallout.

Called the “American Rescue Plan,” the legislative proposal would meet Biden’s goal of administering 100 million vaccines by the 100th day of his administration, while advancing his objective of reopening most schools by the spring. On a parallel track, it would deliver another round of aid to stabilize the economy while the public health effort seeks the upper hand on the pandemic, said aides who described the plan ahead of a speech by Biden on Thursday evening.

It includes $1,400 checks for most Americans, which on top of $600 provided in the most recent COVID-19 bill would bring the total to the $2,000 that Biden has called for. The plan would also extend a temporary boost in unemployment benefits and a moratorium on evictions and foreclosures through September. And it shoehorns in the long-term Democratic policy aim of increasing the minimum wage to $15 an hour and expanding paid leave for workers across the economy.

Senate Democratic leader Chuck Schumer of New York has said Biden’s proposal will be his first order of business this year. The emergency legislation would be paid for with borrowed money, adding to trillions in debt the government has already incurred to confront the pandemic.

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