House to Vote on $1.9 Tr Relief Bill on Wednesday

The United States House of Representatives is set to hold a final vote on the $1.9 trillion relief bill next Wednesday.

It was originally planned that the vote will take place on Tuesday, but CNN reported that it will most likely take place on Wednesday, citing senior Democrats in Congress.

The delay is reportedly attributed to the large size of the bill, which was passed by the House recently then the Senate with some amendments, and will not be approved by the House again before President Joe Biden signs it into law.

Over the weekend, the Senate saw an extended debate over the bill, which was eventually passed in a vote that expressed party lines. However, there was an opposition from a Democrat to the unemployment benefits, which saw the biggest change from the bill passed earlier by the House.

It has been agreed that unemployment benefits will be extended at a $300 weekly payment until early September.

The American Rescue Plan, as proposed by the Biden administration, also includes raising direct cash payments to people making $75,000 or less, and couples making $150,000 or less, by $1,400, raising payments to $2,000 per household. In addition to a $3,600 support per child for each household for a year.

Moreover, the stimulus package includes $20 billion in spending on the vaccination program, as well as higher support for educational institutions and state and local governments.

Treasury Secretary Janet Yellen said on Monday that the relief bill will strongly help economic recovery from the impact of the Coronavirus pandemic. “This is a bill that will really provide Americans the relief they need to get to the other side of the pandemic, and we expect the resources here to really fuel a very strong economic recovery.”

Yellen expects the American economy will restore full employment by 2022. Moreover, the Treasury Secretary dismissed worries about a surge in inflation but pointed that the economy is facing many risks, noting that the rising Treasury bond yields are a sign of anticipated recovery.

She also remarked that the pandemic has increased inequalities, saying, “I think it’s absolutely tragic, the impact that this crisis has had on women, especially low-skilled women and minorities.”