How Congress Plans to Pay for Biden’s Relief Plan

President Joe Biden’s Covid relief plan is making its way through Congress.

The $ 1.9 trillion bill includes money for a wide variety of programs, including enhanced unemployment benefits, vaccination efforts, and $ 1,400 stimulus checks.

Direct payments alone are expected to cost more than $ 400 billion.

Financing new aid expenses is an interesting way to borrow and print money figuratively, according to Sahil Bloom, a financial educator and vice president at Altamont Capital Partners.

Bloom said the government can create money without having to print physical currency. “We live in a digital age. So money is really just numbers on a screen,” he said.

The company involves three key players: Congress, the Treasury Department, and the Federal Reserve. Watch this video to see who “clicks the button” and how the process can backfire.

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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.


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