World business: United States President, Joe Biden suggests that Americans need more economic relief from the coronavirus pandemic currently. Thus,  he will carry a plan next week. The plan is costing trillions of dollars.

Pandemic cause economic ruin

Biden announces a few members of the economic team. He spoke about the matter on Friday after the data show. The data shows that the U.S. economy is getting worse for the first time in eight months.

The rising of the COVID-19 pandemic affects restaurants and other businesses.

People getting involved

He mentions that the plan includes relief for state and local governments encounter with the pandemic, as well as new support for people who lost their jobs or cannot afford rent.

Biden also called for raising the minimum wage to $15, and for sending out $2,000 in direct cash payments.

Democrats thought

They need more direct relief flowing to families and small businesses. It is including finishing the job of getting people that $2,000 relief direct payment. This is because the $600 is simply not enough.

Initial plan

Biden’s initial plan was for a bill under $1 trillion. However, he said that low-interest rates and taking immediate action are compulsory in order to help the economy.

Besides, he also adds on that the action was needed to help Americans get to the other side of the health and economic crisis.

Biden also adds on that the action was needed to help Americans get to the other side of the health and economic crisis.

Great confidence

Markets have reacted quickly to expectations that government spending will rise since Democrats won the Georgia elections. Treasury bonds climbing to their highest levels since March

Biden’s transition team also said on Friday that they are looking into other economic relief actions they can take unilaterally, including extending a pause on repayments of federal student loans.

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Biden to unveil trillions in pandemic economic relief spending next week