Joe Biden is poised to launch a COVID-19 economic contingency plan worth “trillions” of dollars, the president-elect announced Friday.
The contingency plan targets state and local governments and provides new support for people who have lost their jobs as a result of the coronavirus pandemic, he said.
Biden’s original plan was for a bill of less than $ 1 trillion, but he said Friday that “ economic research confirms that under conditions like the current crisis, especially with such low interest rates, take immediate action – even with deficit funding – the economy.”
Biden, who plans to reveal details on Thursday, has also called for the minimum wage to be raised to $ 15 – a campaign pledge – and wants to hand out $ 2,000 in cash payments. Democrats tried to hand out similar checks in the latest COVID-19 support package, but couldn’t get Republicans to agree to the amount.
“We need more immediate help for families and small businesses, including completing the task of giving people that $ 2,000 direct payment. $ 600 just isn’t enough, ”he said.
Biden will take up his duties on January 20.