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Biden signs new Covid relief bill worth $1.9 trillion

The bill was earlier approved by US Congress
US President Joe Biden AP Photo/Andrew Harnik
US President Joe Biden
© AP Photo/Andrew Harnik

WASHINGTON, March 12. /TASS/. US President Joe Biden has officially signed the new package of measures aimed at stimulating the American economy to overcome the COVID-19 pandemic worth $1.9 trillion into law Thursday, US news networks were broadcasting the event in the White House live.

"This historic legislation is about rebuilding the backbone of this country and giving people in this nation, working people, middle-class folks, the people who built this country, a fighting chance," he said.

The bill was earlier approved by US Congress. The initiative is based on Biden’s program of overcoming economic ramifications of the pandemic. The package stipulates allocation of around $400 billion directly to fight the pandemic. Meanwhile, about $1 trillion will be earmarked to help Americans and the rest will be spent to stimulate the national economy.

Preliminary estimates of the International Monetary Fund show that the new measures can boost the US GDP by 5-6% in the next three years.