(NEXTER) – President-elect Joe Biden announced Thursday that weekly unemployment benefits will be raised to 400 400 as part of his Covid relief plan.
This encouragement will be extended to every CNBC by September.
“We will also increase unemployment insurance for millions of workers by the end of March,” the president-elect told a news conference in Wilmington, Delaware.
Biden’s “American Rescue Plan” is a 1. 1.9 trillion coronavirus plan aimed at reversing the tide of the epidemic, speeding up the vaccine and providing financial support to individuals, states, local governments and businesses struggling with prolonged economic consequences.
The legal proposal would meet Biden’s goal of delivering 100 million vaccines by the 100th day of its administration, and advance its goal of reopening most schools by spring. Aides who described the plan ahead of a speech by Biden on Thursday evening said the parallel track would help stabilize the economy in another phase when public health efforts sought the upper hand of the epidemic.
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Emergency legislation will be paid for by borrowing and will add trillions of debt that the government has already spent on dealing with the epidemic. Lower interest rates make debt more manageable. Biden said economists say the cost of inactivity can have dire consequences when people are hurt.
Biden has long held that economic recovery is inextricably linked to coronavirus control. He declared in his victory speech, “Our work begins with bringing COVID under control.” We cannot repair the economy, restore our vitality, or enjoy the most precious moments of life until life is under control. “
The plan came when a divided nation was caught in the most dangerous wave of the epidemic. More than 3,385,000 people have died in Covid-19 so far in the United States, and official figures on Thursday jumped to 9,9,000 in weekly unemployment claims, a sign that growing infections are forcing traders to lay off their workers. And forcing workers to lay off.
According to Biden’s multifaceted strategy, about িয়ন 400 billion will go directly to the epidemic, and the rest will focus on economic relief and assistance to states and territories.
The Associated Press contributed to this report.