Biden Confirms $1.9 Trillion Economic Stimulus Package (Update)

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] President-elect Joe Biden of the United States has finalized a $1.9 trillion economic stimulus package.

The New York Times reported on the 14th (local time) that President-elect Biden has finalized the scale of the economic stimulus measures.

This plan includes $1,400 cash payments to all citizens, an expansion of unemployment benefits by $400 per week, and childcare subsidies.

It allocates $400 billion for COVID-19 vaccine distribution, expanded testing, and measures to safely reopen schools within 100 days of inauguration.

$350 billion will be used to support state and local governments facing budget shortfalls due to COVID-19 response. Additionally, $25 billion will be provided to child support centers.

The Times described this announcement as an active move by President-elect Biden to take control of the policy agenda amid President Donald Trump's impeachment in the House of Representatives.

The Times also expressed concern that despite the Democrats securing a Senate majority, the situation intertwined with President Trump's impeachment could make passing this stimulus package difficult.

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