Democrats have achieved their biggest triumph. After a long struggle, President Joe Biden has finally signed his sweeping $1.9 trillion economic relief package into law. The massive stimulus package has already been called historic as never before the US has made such a huge financial injection into the economy.
Key features of the plan include stimulus payments to ordinary citizens and assistance to small businesses hard-hit by the pandemic. This bill has become a major legislative win for Mr. Biden. Moreover, it is broadly popular among Americans.
"This historic legislation is about rebuilding the backbone of this country and giving people in this nation, working people, middle class folks, people who built the country, a fighting chance," Biden said in the Oval Office before signing the legislation. That's what the essence of it is." Biden declared.
About half of all funds will be spent on providing assistance to the population, while the other large part will be used to revitalize the economy. Besides, the government will also allocate $400 billion for vaccine research, development, and distribution. Almost every working American will receive a one-time payment of $1,400. Apart from standard benefit levels, US households who are currently unemployed will receive federal unemployment benefit payments of $300 per week.
Notably, the act caused heated debates among senators, passing the Senate by a 50-49 margin. Several proposals were removed from the final version of the act but in general, the bill eventually united Democrats and Republicans. "There is light at the end of this dark tunnel of the past year. But we cannot let our guard down now or assume the victory is inevitable. Together, we're going get through this pandemic and usher in a healthier and more hopeful future," Biden pointed out.
