President-elect Biden unveils $1.9 trillion stimulus plan

President-elect Joe Biden releases the biggest economic relief proposal in U.S. history, impacting workers, families, businesses and the overall economy.
2:53 | 01/15/21

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Transcript for President-elect Biden unveils $1.9 trillion stimulus plan
The next president the president elect Joseph Biden he's laid out his. New massive one point nine trillion dollar Covert relief plan includes money for testing vaccines opening schools and direct payments. To millions of Americans. It is his business correspondent report joins is with more dinner. So what stand up to you from this massive proposal and what would it mean for the economy one point nine trillion dollars plowed into him. Terry use the word maxim listed some of the components of this is what stands out eight in the ambitious. By anybody's measure but it's by design I think one of the lessons that we collective we learn from coming out of the last recession. 2007 to 2009. There was any piecemeal strategy really didn't work and a recovery for the US economy honestly just took a lot longer and then was necessary. So I think this is the president elect some version and go big or go home and build this bridge if you recall for misstatements fascination use that specific word more than a few times. Just in fact saying lets support people want support businesses let's support families. Until vaccines are a little bit more widespread and until all of us are more collective be comfortable. Going and spending in restaurants indoor or outdoor traveling staying in hotels. Just until this moment where the vaccines are widespread and Terry you know this wow. I want collective spending is shoe inserts. Moammar economic power so the way that we all feel about being places and being together and being entertained and being in the same room that's a huge part. Our economy Terry. We gotta get those shots in arms but did this plan is also notable because it would be all deficit spending meaning it did there's no. Balancing it with spending cuts and tax increase that's a completely different approaches than than we saw the beginning of president Obama's terms. So. What does that tell you that it. See it sure is. And listened very whether it's us personally it never feels good to be spending more than we're making it can talk to individuals they don't feel comfortable in that situation is not comfortable for a country to be in that situation. But the analogy that I hear off and is acting literally our house is burning down our economic house is burning down right now we don't want any standing outside. We're looking at this fire and saying like oh well maybe the fire prayers are gonna cause water damage. The most important thing right now it's just to hit this head on I spoke with a hot singles B of course served in the Obama administration. And he was really talking about the fact that this is why we have this kind of flexibility so yes it's a little bit uncomfortable if you look at the balance sheet. What if we don't do this the alternative is much much worse in his term season where even at risk of a double dip recession. If a plan like this is not put into place and passed by the new congress Harry. Such a huge challenge for the new president Deirdre Bolton thanks very much it's her.

This transcript has been automatically generated and may not be 100% accurate.

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