SINGAPORE – “Now is the time to go big,” said US President Joe Biden during a roadshow to tout his administration’s first big spending programme, the US$1.9 trillion (S$2.5 trillion) American Rescue Plan, which he signed into law on Thursday (March 11).
With the programme – which comes on top of the US$2.2 trillion package of March last year, another US$900 billion in December and other smaller expenditures – the United States will have splurged more than US$ 5 trillion on Covid-19 relief, equivalent to more than 27 per cent of gross domestic product (GDP), among the largest fiscal outlays in the world.
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