By DENITSA TSEKOVA
President Joe Biden signed the $1.9 trillion coronavirus relief package into law on Thursday.
The broad package is designed to alleviate the financial hardships brought on by the coronavirus pandemic — especially among America’s lowest earners who have borne the brunt of the economic fallout — as well as strengthen the vaccine rollout that promises an eventual end to the health crisis.
“In the weeks that this bill has been discussed and debated, it’s clear that an overwhelming percentage of the American people — Democrats, independents, our Republican friends — the people out there made it clear they very strongly support the American Rescue Plan,” Biden said shortly before he signed the bill.
The legislation includes $1,400 stimulus payments, the extension of key unemployment programs, aid to small businesses, around $350 billion for state and local governments, an increase in tax credits for low- and middle-income families, and $160 billion for a national program on vaccination and testing. It also marks Biden’s first major legislative win since taking office in January.
“The American Rescue Plan is a historic moment unlike any in living memory. Congress is getting $1.9 trillion out the door to millions of families, the unemployed, small businesses, and communities,” Claudia Sahm, a senior fellow at Jain Family Institute and former Federal Reserve economist, told Yahoo Money. “The Democrats have learned their lesson from the mistakes after the Great Recession. Today’s bill is the one the American people needed in 2012 and did not get. They are getting it today.”
Vice President Kamala Harris joined the president in the Oval Office for the signing. The president was set to sign the bill on Friday, but the signing was moved up because Congress enrolled the bill quicker than expected, according to White House Press Secretary Jen Psaki.
The bill passed through reconciliation in the Senate on Saturday and the amended version passed the House on Wednesday. No Republicans in either chamber supported the legislation. (Yahoo)
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