House passes Biden's $1.9 trillion relief package including $1,400 stimulus checks
Parliament passed President Joe Biden's $ 1.9 trillion stimulus package early Saturday and sent the legislation to the Senate for vote, where it is likely to face even more resistance.
The democratically controlled house voted 219 to 212 to pass the American Rescue Plan. The package is now going to the Senate, where 51 votes are required to go through the reconciliation.
"This legislation is transformative, lifting 12 million Americans out of poverty and generating $ 1.25 for every dollar spent. It is a great source of pride for all of us as this legislation would cut child poverty in half," the spokeswoman said of the house, Nancy Pelosi, from the floor of the house on Friday night before the vote. "If we push this legislation forward, we will continue to fight for $ 15 [minimum wage]."
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The support of the entire Democratic caucus in the Senate, as well as the groundbreaking vote from Vice President Kamala Harris, is required to get the legislation through with Republican support. However, support from more moderate Democrats like Senator Joe Manchin (D-WV) and Senator Kyrsten Sinema (D-AZ), who opposed the $ 15 minimum wage regime, is in the air.
House Speaker Nancy Pelosi (D-CA) speaks during a weekly press conference on Capitol Hill on Thursday, February 25, 2021 in Washington, DC. (Kent Nishimura / Los Angeles Times via Getty Images)
The House version of the bill included the minimum wage provision, but can be removed from the final version, which the Senate will vote on after the Senate MP ruled that the measure could not be passed under the budget reconciliation.
According to Mark Harkins, a former congressional fellow and senior fellow at the Government Affairs Institute in Georgetown, without this provision, legislation has a better chance of getting through Congress without any problems.
"I would be shocked if a version of the bailout package that is pretty similar to the House package didn't clear the Senate for up to 10 days in the next week," he told Yahoo Money. "This package has pretty broad poll support and I don't think Senator Manchin wants to be seen as an obstacle to President Biden's first major piece of legislation."
This spring, up to 11.4 million workers will lose their basic unemployment benefits, while for all unemployed Americans, the $ 300 additional weekly benefit could disappear if a stimulus agreement is not passed and three unemployment programs expire, an analysis by The Century Foundation found.
What's on the bill?
The legislation includes stimulus payments, the expansion of key unemployment programs due to expire in the spring, aid to small businesses, $ 350 billion for state and local governments, an increase in tax credits for low and middle income families, and $ 160 billion for a national program of vaccinations and tests.
Eligible Americans would receive a stimulus payment of $ 1,400 plus $ 1,400 for all dependents. Some high-income earners who were eligible for the stimulus payments under Biden's original plan will not be eligible for the payments under the latest proposal.
Read more: Do the following if you haven't received your stimulus check
The additional weekly unemployment benefit amount would be increased from the current US $ 300 to US $ 400 per week and extended through August. They currently expire on March 14th. Biden's plan would also expand the program to provide unemployment benefits to workers who are normally not eligible for regular benefits.
The plan would also improve Child Tax Credit (CTC) and make it refundable, valued at up to $ 3,000 per child or $ 3,600 for a child under 6 by 2021. The provision also allows American families to receive recurring payments for the credit for a child beginning in July. The eligibility requirements for the Earned Income Tax Credit (EITC) would also be expanded under the proposal.
The plan would also introduce a federal moratorium on evictions and foreclosures through September and allocate billions of dollars on food insecurity.
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Denitsa is a writer for Yahoo Finance and Cashay, a new personal finance website. Follow her on Twitter @denitsa_tsekova
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