The COVID-19 pandemic has jolted the global economy, including the US economy. Indeed, the collateral rapid economic recession has made it extraordinarily difficult to ascertain the risk on US corporations and the inability of people to pay all the debt which they will incur. This is a profound challenge facing the Joe Biden administration.
News came that the White House is weighing another stimulus package of $3 trillion, though the final decision has not been made yet.
Indeed, on March 11, just 51 days after being sworn in as the 46th president of the United States, Biden signed the so-called “Relief Bill” worth $1.9 trillion. According to the Committee for a Responsible Federal Budget, the bill “contains a third round of stimulus checks, extension of enhanced unemployment benefits, additional tax credits for families and workers, funding for K-12 education, and support for state and local governments. Smaller, but significant, expenditures include funds for COVID testing and vaccines, grants to small businesses, support for child care providers, assistance for colleges, and rental and homelessness assistance”.