New York Times report
We’ve got the number. That’s a big one but it’s not ‘trillionS‘ though he might promise more to come later.
The report cites two people familiar with the plan and says it will cover the pandemic, the economy, health care, education, climate change and other domestic priorities.
The New York Times earlier outlined some of the expected details earlier and they’re confirmed with the latest report:
- Plan will include $2000 direct payments
- Includes more vaccines and virus testing
- Will include aid for state and local governments
- An extension of supplemental federal unemployment benefits
- More help for renters
- Money for schools to open
There was talk of $1.3 trillion yesterday and of Schumer urging Biden to do more. This is only the first part of a two-part plan but markets might be taking it as the final price tag.
The second bill will include more infrastructure and longer-term initiatives and structural reforms; perhaps with a tax increase for higher earners.
It’s not clear which part might include Biden priorities like a $15/hour minimum wage.
Some market disappointment may be clarity on the $2000 payments.
As part of a $1.9 trillion covid package, Biden’s $2,000 stimulus checks will “come in the form of additional $1,400 stimulus checks, topping up the $600 checks that Congress approved in December,” the report says.