Date: May 5, 2025
Location: Washington, D.C.
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President Joe Biden has announced a new economic relief package aimed at easing the burden of inflation for middle-class American families. The $150 billion plan includes direct stimulus payments, expanded child tax credits, and subsidies for housing and healthcare.
"American families are still feeling the pressure of high prices, and this plan is designed to bring them some breathing room," President Biden said during a press conference at the White House.
Key highlights of the plan:
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$1,200 direct payments for individuals earning under $75,000.
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Extension of the child tax credit through 2026.
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Rent relief programs in major urban areas.
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Increased funding for Medicaid expansion.
The relief package is expected to face tough negotiations in Congress, with some Republican lawmakers calling for more targeted spending. However, Democratic leaders say swift action is necessary as the cost of living continues to strain household budgets.
The White House estimates that if passed, the plan could lower inflation by 1.2% over the next 12 months.