Home / Economic Report / Daily Economic Reports / Senate Debating Biden’s $1.9 T Rescue Plan

Senate Debating Biden’s $1.9 T Rescue Plan

The United States is debating the $1.9 trillion stimulus package, as proposed by President Joe Biden, after the House of Representatives passed the relief bill.

Democrats are expected to pass the “American Rescue Plan” bill through the reconciliation option, which allows approving the bill with a simple majority without any support from Republican Senators.

“It is my hope that at the end, Senate Republicans will unanimously oppose it, just like House Republicans did,” Senate Minority Leader Mitch McConnell told reporters on Tuesday, referring to the GOP not willing to reach across the aisle and cooperate with Democrats.

Millions of jobs and trillions of dollars have been taken out of the American economy and the stimulus package is designed to finish the job, to patch up the holes in our economy and lay a foundation for our recovery, said Schumer on the Senate floor.

The bill includes raising unemployment insurance supplement $400 per week and expanding jobless benefits until August 29.

In addition, it provides $1,400 direct payments to people making $75,000 or less, and couples making $150,000 or less, 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 education institutions and state and local governments.

Recently, Biden has responded to critics by pointing to every part of the bill as being essential to cope with the Coronavirus crisis.

Nevertheless, Reuters reported that the Senate’s version of the bill might not include the clause raising the federal minimum wage, which is set to be gradually increased to $15 an hour by the year 2025 as per the bill that was passed by the House.

Check Also

U.S. Stock Futures Rise Ahead of Fed Meeting and CPI Data

Tech Stocks Lead Gains, Fed Decision and Inflation Data in Focus U.S. stock index futures …