Biden unveiled his 2-step plan of “rescue and recovery” in a 30 minute presentation, which was just as was leaked in advance: a $1.9 trillion stimulus proposal which will encounter immediate Republican opposition due to its big-ticket spending on Democratic priorities including aid to state and local governments, a hike in the minimum wage to $15, and expanded unemployment benefits.
“We have to act and we have to act now,” Biden said, ahead of laying out a second, even broader economic recovery plan next month at a joint session of Congress. That initiative will include money for longer-term development goals such as infrastructure and climate change, the transition team said. So even more trillions.
As Bloomberg summarized it, “Biden’s speech had the flavor of a shorter and more concise State of the Union address, focused of course on the pandemic and economic recovery. He laid out a number of goals and some plans yet basically set broad goals — and asked Congress to foot the big price-tag to achieve them.”