Stimulus payments of $600 'simply not enough,' President-elect Biden says
President-elect Joe Biden has doubled his pledge of stimulus checks of $ 2,000 after taking office on Jan. 20, saying he will lay the groundwork for his proposal next week.
"We need more direct help for the families," said Biden at an event on Friday. "Quitting the job is just not enough to get people $ 2,000 off, direct payment, and $ 600."
The $ 2,000 stimulus review proposal was blocked back in December by the Republican-controlled Senate, but is now gaining momentum after the Democrats won both seats in the Georgia Senate earlier this week and gave them control of the Chamber have transferred.
The $ 600 direct payments are currently being distributed. If Biden's proposal were passed, based on legislation passed by Parliament in late December, eligible Americans could potentially receive an additional $ 1,400 (plus an additional $ 1,400 for each addict).
President-elect Joe Biden speaks at The Queen Theater in Wilmington, Delaware on January 8, 2021 to announce key candidates for his business and jobs team. (Photo by JIM WATSON / AFP via Getty Images)
"I'll be here next week to lay the foundations."
Before the Georgia elections, Biden - as well as the two Democratic candidates Jon Ossoff and Raphael Warnock - fought for the $ 2,000 check. Biden promised the Americans "the money would go out the door immediately" if they won the election.
In addition to stimulus checks, Biden mentioned spending more money on vaccine distribution, helping small businesses, and funding schools.
The former vice president also cited December's employment report, which cited the 140,000 decline in the number of employees, the first decline since April 2020, and the slowdown in economic recovery, to back up his reasoning as to why further incentives are needed.
"I have already said that the bipartisan COVID relief package passed in December is a very important step, but only a down payment," Biden said. "I'll be here with you next week laying the foundations for the next COVID economic aid package that fulfills the critical moment."
The $ 900 billion portion of the Coronavirus Relief Act, passed Dec. 31, includes $ 600 stimulus checks, expands two federal unemployment programs, offers additional $ 300 weekly unemployment benefits, and adds another round the Paycheck Protection Program (PPP) for small businesses.
Other provisions included funding vaccine distribution and schools, $ 25 billion in rental support, an extension of the eviction moratorium, $ 13 billion in food aid and $ 7 billion to improve broadband access.
President Trump had previously called for the stimulus check amount to be increased from $ 600 to $ 2,000, with the $ 900 billion stimulus deal on hold for three days before it was legally signed. The House then passed laws to increase direct payments to $ 2,000.
Biden said he would present an entire stimulus package on Thursday and the proposal would be "in trillions of dollars" rather than standalone stimulus check legislation.
"We're going to propose a whole package," he said. "The price will be high."
Denitsa is a writer for Yahoo Finance and Cashay, a new personal finance website. Follow her on Twitter @denitsa_tsekova.
The Yahoo Money sister site Cashay has a weekly newsletter.
Stock market highs, booming real estate, and millions of unemployed: A story of two Americas amid the coronavirus pandemic
House and Senate pass a $ 900 billion stimulus agreement
Read more Cashay personal financial information, news, and tips
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn, YouTube and Reddit.
Mention your own website in this post for Advertisement
Diet Prada is Getting Sued by Dolce & Gabanna for $4.7 Million After Exposing Alleged Racist Comments
The Universe Might Be One Big Neural Network, Study Finds
America's oldest college debate society votes to strip Ted Cruz of a prestigious Princeton honor for public service
As violence surges, some question Portland axing police unit
Senate shatters record with longest vote in history as Democrats negotiated the $1.9 trillion COVID-19 relief bill
Addison Rae appears to break down in tears after cheating confrontation: 'Completely different person'