President-elect Biden announces $1.9 trillion 'American Rescue Plan'

In a video statement on Thursday, President-elect Joe Biden announced a $1.9 trillion stimulus plan to address the economic crisis and ongoing pandemic.

"We have no time to waste when it comes to getting this virus under control and building our economy back better," said Biden. The plan will likely add trillions of dollars to the already ballooning debt since the economic crisis, caused by government mandated shutdowns in response to the virus, began.

The American Rescue Plan will include $1,400 stimulus payment checks that will be added to the $600 checks that were sent from the last stimulus. Biden said the $600 checks so far is “not enough.”

The proposal included $440 billion to struggling communities, first responders, small businesses, public transit workers and educators.

Biden also called for an increase the minimum wage across the country to $15 an hour.

The proposal would extend moratoriums on foreclosures and evictions until September 30. Biden included with that $25 billion in funding for rental assistance and $5 billion for utility assistance.

Biden planned to increase the supplemental unemployment insurance from $300 a week to $400 a week and extend payments until September.

$415 billion will be spent on health care, including $20 billion to support a national vaccine program, $50 billion to expand testing, investments for workers to conduct vaccine outreach and contact tracing.

Biden called the vaccine rollout across the country a "failure" and aimed to administer 100 million vaccines by the 100th day of his administration. Biden called for $350 billion in emergency funding for state, local, and territorial governments to pay front line public workers, distribute the vaccine, virus testing and other medical services.

Biden planned to spend $130 billion toward the reopening schools across the country by the 100th day of his administration, but will also invest in remote learning.

The $1.9 trillion package also included funds for extending the 15 percent Supplemental Nutrition Assistance Program (SNAP) benefit increase to September, investing $3 billion in the in the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC), and $1 billion in additional nutrition assistance for US territories.

More than 2 million Americans have contracted COVID-19 and more than 385,000 deaths have been attributed to the virus across the country.