White House economist Jared Bernstein says $1.9 trillion package would deal "blow" to COVID
Source: CBS News
BY JAKE ROSEN
UPDATED ON: FEBRUARY 26, 2021 / 7:10 AM / CBS NEWS
As negotiations continue between the Biden administration and Congress on a COVID-19 relief package that could top $1.9 trillion, White House economist Jared Bernstein argues that President Biden's American Rescue Plan "is calibrated to be of a magnitude to finally deal this COVID-19 virus the blow that hasn't occurred yet."
Bernstein, a member of the White House Council of Economic Advisors, said the administration hopes to see Congress pass the bill by mid-March, when enhanced unemployment benefits and other short-term relief elements from December's COVID-relief bill will expire.
"We have a deadline that we have to be mindful of, whether it's unemployment insurance, mortgage forbearance, eviction forbearance," Bernstein told CBS News chief Washington correspondent Major Garrett in this week's episode of "The Takeout" podcast. "Those kinds of things have to be extended quickly to make sure that the American people and businesses don't suffer one of those air pockets, another lapse in the relief."
The White House is also focusing on economic inequalities that continue to be exacerbated by the pandemic, Bernstein said, explaining that America is experiencing a "K" shaped recovery that disproportionately affects Americans of color.
Read more: https://www.cbsnews.com/news/coronavirus-relief-bill-1-9-trillion-white-house/
