President-elect Joe Biden announced Friday that when he takes office, he will launch a pandemic relief bill estimated at “trillions of dollars” to restore the economy and help Americans through the crisis.
Biden said that his original aim was to establish a bill of $1 trillion or less to achieve the planned goals but “economic research confirms that with conditions like the crisis today, especially with such low-interest rates, taking immediate action – even with deficit financing – is going to help the economy.”
The new bill’s details will be unveiled Thursday, though Biden promised to increase the minimum wage to $15 and hand out $2,000 relief checks.
“We need more direct relief flowing to families, small businesses, including finishing the job of getting people that $2,000 relief direct payment. $600 is simply not enough,” Biden said.
The new administration relief bill will also provide financial support to state and local governments and those who lost their living due to the coronavirus health crisis.