US President-elect Joe Biden, who has been scheduled to take over the Oval Office by January 20, unfurls a fiscal stimulus proposal on Thursday evening including a Herculean $1.9 trillion in fresh fiscal stimulus, largely aimed at jumpstarting a much-required recovery process for a pandemic-battered US economy, laying off the groundworks of an ambitious, but achievable life-line for millions of laid-off Americans amid a rapidly softening US labour market.
In point of fact, latest proposal from the US President-elect comes forth nearly a month after Biden had said in a statement earlier in December that a grievously hurt US economy, which had entered into a recession back in February last year, would require more than one fiscal stimulus in order to pave a concrete path towards an economic recovery from a pandemic induced slump.
Nonetheless, later last year, US Senate had passed a $892 billion in pandemic stimulus what many analysts criticized would likely to fall short to address a havoc-scale fiscal slump which the economy had been facing off.
Besides, President-elect Joe Biden’s electoral campaign last year had promised a sweeping overhaul of corporate taxations alongside larger fiscal stimulus, while Thursday’s proposal would put those promises into action with a mass-scale influx of fresh capitals to oversee an even distribution of pandemic vaccines alongside a quicker economic recovery, a Bloomberg News report published earlier in the day had unveiled citing sources who wished to remain anonymous.
Biden’s stimulus package has a price tag above $1.5 trillion
On top of that, Thursday’s proposal of a financial stimulus package having a price tag of roughly $1.9 trillion including a one-off $1,400 in pay-checks for most adult Americans, comes over the heels of a remark from the President-elect Joe Biden who had said last week that the next US fiscal stimulus would contain trillions of dollars in fresh pandemic aids.
Apart from that, a Bloomberg News report had also quoted one of the transition officials familiar with the subject-matter as saying that a significant portion of additional financial resources would be allotted for the development of minority communities, while Biden was also expected to announce a tie-up with pharmaceuticals in a bid to quicken up the inoculation process in a near-term outlook.