What Happened: The Senate voted 50-49, with no Republicans’ support. Republicans had called for a smaller package over concerns that the amount of stimulus will stoke inflation.
Now the legislation includes:
- $1,400 stimulus checks
- $300-per-week jobless benefits through the summer
- $3,600 child allowance for one year
- $350 billion for state aid
- $34 billion to expand Affordable Care Act subsidies
- $14 billion for vaccine distribution
The bill is expected to be passed by the House and signed by Biden before unemployment benefits expire on March 14. The bill featured a measure to more than double the minimum wage to $15 per hour, which the Senate also rejected.
The bill had set the supplemental jobless benefit at $400 a week, but Senate Democrats finally agreed to bring that down to $300 per week.
© 2021 Fintech Zoom.com. Fintech Zoom does not provide investment advice. All rights reserved.
Market news on Fintech Zoom.
Dow Jones Stock Market Today – SPDR Dow Jones Industrial Average ETF (ETF:DIA), SPDR S&P 500 ETF (ETF:SPY) – Senate Passes $1.9 Trillion Covid-19 Relief Bill On Party-Line Vote
Tags: Dow Jones Stock Market Today