American Rescue Plan — $1.9T COVID Relief Cuts Child Poverty 40%, Sends $1,400 Checks

President Biden signed the $1.9 trillion American Rescue Plan on March 11, 2021, including $1,400 direct payments to most Americans, an expanded Child Tax Credit that cut child poverty by approximately 40%, $350B for state and local governments, and $160B for vaccines and testing. The plan passed on pure party-line votes. Critics including Larry Summers warned it was inflationary; supporters credited it with the fastest labor market recovery since World War II.