House to Pass Biden’s $1.9 Trillion Stimulus Package This Week

Mandatory Credit: Photo by MICHAEL REYNOLDS/EPA-EFE/Shutterstock (11773219b)Senate Majority Leader Chuck Schumer holds a news conference regarding COVID-19 economic stimulus relief legislation, on Capitol Hill in Washington, DC, USA, 23 February 2021.
MICHAEL REYNOLDS/EPA-EFE/Shutterstock / MICHAEL REYNOLDS/EPA-EFE/Shutterstock

Yesterday, President Biden’s $1.9 trillion pandemic relief package passed the House Budget Committee, so it will be voted on by the full House of Representatives in the next few days, Bloomberg reports. From there, it will go to the Senate, where at least a few of the provisions are likely to be cut.

See: Fed Chair Powell Testifies Before Congress – ‘Economy Will Depend on the Course of the Virus’
Find: Stocks Boosted by Yellen’s Push for Big Stimulus Package

The issues are related to the size of the package, according to CNBC. And, there are signs that the economy is improving without this stimulus. Many senators are concerned that two provisions in particular, the $15 minimum wage and expanded paid sick leave, could halt the recovery.

The Senate parliamentarian has the role of determining whether the bill can pass the Senate through the reconciliation process or if the budget will need to go to a full vote, according to Bloomberg. If a full vote is needed, then the minimum wage increase will probably have to be removed for later consideration in order to pass the rest of the bill.

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See: The Next Stimulus Hurdle  Raising the Minimum Wage to $15
Find: Are You Eligible for a Third Stimulus Check and If So, When Will You Get Yours?

Once the budget has passed both houses of Congress, it will be signed into law and stimulus payments can be made. It seems unlikely that there will be the same last-minute demands from the president that delayed the December stimulus.

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About the Author

Ann Logue is a writer specializing in business and finance. Her most recent book is The Complete Idiot’s Guide: Options Trading (Alpha 2016). She lives in Chicago.

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