Joe Biden’s Economic Plan Isn’t Afraid to Run Up the Deficit

Joe Biden’s Economic Plan Isn’t Afraid to Run Up the Deficit

The Coronavirus OutbreakliveLatest UpdatesMaps and CasesA Future With CoronavirusVaccine InformationF.A.Q.TimelineDealBook Business and PolicyDealBook NewsletterThat's a Lot of MoneyPresident-elect Joe Biden's $1.9 trillion economic plan will run up big debts.By Andrew Ross Sorkin, Jason Karaian, Michael J. de la Merced, Lauren Hirsch and Ephrat LivniImageImagePresident-elect Joe Biden isn't worried about deficit spending, for now.Credit...Amr Alfiky/The New York TimesThis time is differentPresident-elect Joe Biden unveiled his $1.9 trillion economic rescue plan yesterday, an ambitious package of bigger direct payments to Americans, extra funding for coronavirus vaccine distribution and more. The move is a bolder response than the Obama administration's to the 2008 financial crisis — even if it runs up debt to dizzying levels.What's in the proposal:$1,400 direct payments, a $15 per hour federal minimum wage and more generous unemployment benefits.$400 billion to combat the pandemic directly, including accelerating vaccine deployment and reopening most schools within 100 days of passage. (Today, Mr. Biden announced that Dr. David Kessler, a former F.D.A. chief who has co-chaired his coronavirus task force, would take over the Operation Warp Speed vaccine distribution initiative.)$350 billion for state and local governments to bridge budget shortfalls.The economy needs help. The Labor Department reported yesterday that 1.15 million Americans filed