President Joe Biden’s Covid aid plan paves the way for Congress.
The $ 1.9 trillion bill includes money for a myriad of programs, including improved unemployment benefits, vaccination efforts, and 1,400 stimulus checks.
Direct payments alone are expected to cost more than $ 400 billion.
Financing the new relief spending involves an interesting way to apply for loans and figuratively print money, according to Sahil Bloom, financial educator and vice president of Altamont Capital Partners.
Bloom said the government can create money without actually printing physical currency. “We live in a digital age. So really money is just numbers on a screen,” he said.
The company involves three key players: Congress, the Treasury Department and the Federal Reserve. Check out this video to see who really “clicks the button” and to find out how the process can go back.
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Disclosure: NBCUniversal and Comcast Ventures are investors Glans.