The American Rescue Plan Act of 2021 is a $1.9 trillion economic stimulus package proposed by President Joe Biden to speed up the United States’ recovery from the economic and health effects of the COVID-19 pandemic and the ongoing recession. Though The American Rescue Plan builds upon previously enacted aid measures in 2020; The bill Provides $350 billion to help states, counties, cities and tribal governments cover increased expenditures, replenish lost revenue and mitigate economic harm from the COVID-19 pandemic.
State and local government recipients could use the funds to cover costs incurred by Dec. 31, 2024. The funds would be distributed in two tranches, with 50% delivered no later than 60 days from the date of enactment.
The 220-to-211 vote in the House of Representatives on wednesday, almost entirely along party lines sends to President Biden’s desk one of the largest economic rescue packages in U.S. history, which Democrats had promised to pass as one of their first acts of governance after securing narrow but potent majorities in Washington during the 2020 presidential election.
Republicans banded together in opposition on Wednesday, much as they had against an earlier version of the proposal in the House last month.
In an earlier press briefing, Senate Minority Leader Mitch McConnell (R-KY) described the package as “wildly expensive” and “largely unrelated to the problem,” echoing consistent criticism from the GOP that the bill contains unnecessary provisions that are unrelated to the public health crisis and carries a price tag that is much too steep. McConnell added that the package will discourage workers from returning to work.
Furlough scheme: Over £50bn UK Government Spending
Meanwhile in the United Kingdom Budget 2021; Chancellor Rishi Sunak extends furlough scheme.
Rishi Sunak said the scheme – which pays 80% of employees’ wages for the hours they cannot work in the pandemic – would help millions through “the challenging months ahead”.
More than 11 million people have been furloughed at some point since the coronavirus job support scheme was first set up last March — around a third of the UK workforce. An estimated 4.7 million people were on furlough at the end of January, according to the Treasury. The scheme has cost the government over £50bn ($69bn) to date.
Some 600,000 more self-employed people will also be eligible for government help as access to grants is widened.
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