He said the initiative will cost billions of dollars

Joe Biden to present his economic plan for pandemic relief on Thursday

photo_camera AP/CAROLYN KASTER - US President-elect Joe Biden

U.S. President-elect Joe Biden is expected to unveil his plan for economic relief from the coronavirus pandemic. He will go into detail this Thursday, but said it will cost billions of dollars and increase stimulus payments to Americans. 

It would build on some $4 trillion in economic assistance that Congress will provide to fight the pandemic, including the $900 billion that President Trump signed into law last month. He also said he would extend unemployment insurance and send billions of dollars to help both state and local governments.  

Biden's goal is to get the country back on track after Trump's presidency and after the events on Capitol Hill the week before, as well as to get the nation back on track from the devastating pandemic. 

According to Friday's jobs report, 140,000 jobs were eliminated by employers, increasing the sense of urgency. These came before the $900 billion relief bill was implemented in December. Along with this, 380,000 Americans have died of COVID-19 disease, according to analysis of data by Johns Hopkins University's CNBC.

Billions included in the package will also go towards improving vaccine distribution. Tens of millions will also be invested in schools, as well as sales tolerance and support for small businesses. Special attention will be given to low-income communities. 

Importantly, he also called for an increase in the minimum wage - a campaign pledge - and proposed that $2,000 be sent in direct cash payments. The Democrats, in the last aid bill passed in December, also sought such cash payments, but were only able to get the Republicans to accept the $600 payment.

"We need to provide more immediate relief for families and businesses now," Biden said at a press conference in Wilmington. He said "the price will be high" and added that "the overwhelming consensus among leading economists left, right and centre is that to prevent the economy from collapsing this year, making it much, much worse, we should invest a significant amount of money right now."

If the president-elect presents the bill in phases, the Republicans may be willing to sign the economic stimulus proposal. Tom Block, a Washington policy analyst at Fundstrat Global Advisors, said that "some Republicans will participate and hopefully lawmakers will be able to avoid Republican obstructionism in the Senate." For this not to happen, the bill would need 60 votes in this chamber.

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