US President-elect Joe Biden has announced details of a $1.9 trillion much-awaited COVID-19 rescue package on Thursday. The proposal titled the 'American Rescue Plan' includes familiar stimulus measures with the goal of sustaining families and firms until vaccines are widely distributed.

$1.9 trillion which is being proposed to spend is nearly 8.6 percent of US 2020 GDP. This is much better and much bigger than what was expected. This is in addition to the $950 billion in the stimulus which was approved in December 2020.

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(Edited by : Priyanka Rathi)

First Published:Jan 15, 2021 12:20 PM IST