Incoming Biden administration hopes to quickly pass $1.9 trillion relief bill
by Karen Faulkner, Worthy News Correspondent
(Worthy News) – The incoming Biden administration will work toward the speedy passage of its $1.9 trillion coronavirus relief plan, Voice of America reports.
Janet Yellen, President Biden’s Treasury Secretary Nominee and former chair of the Federal Reserve, said at her Senate confirmation hearing on Tuesday that “more must be done” to help Americans struggling financially in the pandemic, VOA reports. “Without further action, we risk a longer, more painful recession now and long-term scarring of the economy later,” Yellen said.
President Biden’s plan would give aid to families and businesses, provide funds for COVID-19 vaccine production and distribution, and help local governments to avoid laying off essential staff. There are also plans to increase the minimum wage to $15 an hour and to provide stimulus checks of $1400 to people earning less than $75,000 a year.
According to Republicans, the plan proposed by the Biden administration is too large. Moreover, the US budget deficit soared to a record $3.1 trillion in 2020 after Congress passed relief bills to the tune of $3 trillion. Acknowledging the financial crisis, Yellen stated that both she and President Biden are aware of the debt. However, she said, dealing with the recession caused by the pandemic is the top priority.
The incoming chairman of the finance committee Senator Ron Wyden said he hopes the Senate will confirm Yellen this week, VOA reported.
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