President-elect Biden made a speech announcing his framework for an American Rescue Plan (ARP), a $1.9 trillion COVID relief bill. While the attached includes key insights, it lacks the detail needed for a thorough analysis. Alarmingly, it would raise the minimum wage to $15 per hour and eliminate the tip wage (see below for additional details). Until we have a copy of the proposed bill, what is included below is speculation based on the content of his speech.
Speaker Pelosi and incoming Senate Majority Leader Schumer swiftly endorsed the proposal, encouraged Republicans to support it, and pledged to work on its passage. Biden has suggested that he would like to see it enacted by the end of the month.
Following are some of the ARA’s key elements: