Joe Biden unveils massive US$1.9 trillion coronavirus stimulus package

US president-elect Joe Biden has just outlined the details of a major new coronavirus stimulus package in a move likely to comfort investors.

The announcement comes just 5 days before the former vice president is set to take the oath of office and be officially sworn in as president.

Mr Biden made the announcement today. In this, he detailed how the package, reportedly dubbed the ‘American Rescue Plan’ and estimated to cost approximately US$1.9 trillion ($2.45 trillion), will be deployed.

According to reporting in the Australian Financial Review (AFR) today, the package will primarily consist of a new fresh round of stimulus cheques of US$1,400 each. These will supplement the US$600 round of cheques that were sent out just…