During the yearlong coronavirus pandemic, Americans have accumulated nearly enough money in excess savings to pay for President Joe Biden's sweeping relief package.

In a report released earlier this month, Oxford Economics estimated that U.S. households saved $1.8 trillion from March 2020 to January 2021--just shy of the $1.9 trillion price tag for Biden's American Rescue Plan. [...]

Biden's package is estimated to bring accumulated excess savings to $2.5 trillion in the next three months, Daco added.