Biden to Unveil $1.9 Trillion COVID Response Plan
Note: We have published an updated, more detailed breakdown of President Biden’s $1.9 trillion COVID response plan, compared alongside a $618 billion plan put forward by 10 Republican senators.
Tonight, President-elect Joe Biden is expected to propose a $1.9 trillion COVID response package, which he plans on working with Congress to pass into law as soon as possible after being sworn in on January 20, 2021.
Press reports have outlined many elements of this plan, which we summarize below with available estimates. The summary table below reflects our best understanding of the proposal Biden will outline, based on details reported and similar proposals Biden included in his 2020 campaign plan. We intend to update the table as more information becomes available.
|Provide $1,400 per person "Recovery Rebates" on top of the $600 already issued||$465 billion|
|Provide aid to state and local governments||$350 billion|
|Increase Unemployment Insurance supplement to $400/week and extend emergency UI provisions through September||~$350 billion|
|Provide funding for a national vaccination program, testing, and other COVID containment efforts||$160 billion|
|Fund school reopening and increase funding to schools and colleges||$170 billion|
|Expand the Child Tax Credit to a refundable $3,000 per child, $3,600 for children under 6 (assuming one year)||~$120 billion|
|Provide rental and small landlord support||$30 billion|
|Provide support to childcare providers||$25 billion|
|Other policy changes||~$200 billion|
|Total Reported Cost||$1.9 trillion|
This blog post is a product of the COVID Money Tracker, an initiative of the Committee for a Responsible Federal Budget focused on identifying and tracking the disbursement of the trillions being poured into the economy to combat the crisis through legislative, administrative, and Federal Reserve actions.