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Biden signs $1.9 trillion COVID relief bill ahead of his first prime-time address

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President Biden will tell Americans there is light at the end of the tunnel in his first prime-time address to the nation. Nancy Cordes reports.

Video Transcript

NARRATOR: Norah O'Donnell, reporting from the nation's capitol.

NORAH O DONNELL: Good evening, and thank you for joining us. There have been few years in American history more consequential, more life changing, than the one that began one year ago tonight. We began this broadcast that with news that the World Health Organization had declared the coronavirus outbreak a global pandemic.

Well then, fewer than 40 Americans had been killed by the mysterious new virus that was spreading rapidly. And as we come on the air tonight, more than 530,000 people have lost their lives to COVID-19 nationwide. Few could have imagined the scope of the loss that we would suffer or the depth of the pain we would feel.

Well, tonight, things are slowly changing. A virus that once seemed only to spread, is receding. Vaccines that once seemed implausible are finally being administered, and businesses that once were closed are starting to reopen.

And in just a few hours, President Biden will address the nation, announcing a bold new deadline when he wants all adults in America to be eligible for a vaccine.

The president will also use his first prime-time address to tout the $1.9 trillion American Rescue Plan he signed into law today. And tonight, we have new details about just how soon you could see $1,400 of stimulus money in your bank account.

And we'll talk to Dr. Anthony Fauci about the long road ahead. CBS's Jonathan Vigliotti is standing by with a look at how drastically our lives have changed, but first, CBS's Nancy Cordes is going to lead off our coverage from the White House. Good evening Nancy.

NANCY CORDES: Good evening Norah. Tonight, the President is going to announce that he is directing states to make all adults eligible for the vaccine by May 1st. So not just older adults or essential workers, but everyone. He's also going to announce a plan to surge the number of vaccinators and vaccine locations.

PRESIDENT BIDEN: What I'm going to do is sign this bill--

NANCY CORDES: With the stroke of a pen today, President Biden authorized $1.9 trillion in new spending, money that will go to schools, small businesses, restaurants, farmers, childcare providers, transit systems, and more.

PRESIDENT BIDEN: This historic legislation is about rebuilding the backbone of this country.

NANCY CORDES: Direct payments to roughly 150 million households will be transferred into some American's bank accounts as early as this weekend-- $1,400 for most individuals, $5600 for a family of four.

JEN PSAKI: This is, of course, just the first wave. Payments to eligible Americans will continue throughout the course of the next several weeks.

NANCY CORDES: Tonight, in his first prime-time address as president, Mr. Biden will tell Americans there is light at the end of the tunnel, with weekly unemployment claims falling, as new daily cases drop too.

PRESIDENT BIDEN: I'm going to talk about what comes next. I'm going to launch the next phase of the COVID response and explain what we will do as a government--

NANCY CORDES: One thing he will ask is that Americans continue to wear masks and get the shot when it's their turn.

BARACK OBAMA: This vaccine means hope.

NANCY CORDES: Four former presidents are making that same case in a new set of PSAs.

JIMMY CARTER: I'm getting vaccinated because we want this pandemic to end as soon as possible.

GEORGE W. BUSH: So roll up your sleeve and do your part.

BILL CLINTON: This is our shot.

JIMMY CARTER: Now it's up to you.

NANCY CORDES: Tonight, President Biden will argue that if all Americans do their part, then life could get much closer to normal by July 4th and that Americans could even gather in s--