Details of Latest US Stimulus Package
The newest proposed stimulus package will be largely based on the framework laid out by President Biden and would provide funding and relief in several major areas of concern. Perhaps the most talked-about portion of the bill is the third round of direct stimulus checks to Americans making under $75,000 a year. The checks would be worth $1,400 and are intended to help citizens deal with the financial burdens brought about by the COVID-19 pandemic, while also hopefully spurring economic growth.
The Budget Committee has also proposed funding directed toward K-12 schools in order to properly reopen in-person learning, extend SNAP benefits, and increase the distribution and scope of vaccination efforts. Other provisions include funding to protect renters from homelessness, expand the Paycheck Protection Program (PPP) and small business loans, support for transit and airports, and proposed tax credits for workers with children.
The bill also proposes a plan to increase the federal minimum wage to $15 an hour by the year 2025, though that provision looks to be highly doubtful to pass through the Senate, even if the vote in the House is successful.
Route to Passing the US Bill
While the bill is set to pass with relative ease through the House, there may be some hurdles in the Senate where party control is only held by the Democrats through a tie-breaker vote from Vice-President Harris. Traditional legislation usually needs at least 60 votes to pass through the Senate, which would require significant bipartisan support in order to pass. The current plan will be to pass the stimulus package through a process called budget reconciliation.
Budget reconciliation is a process that would allow the US stimulus package to pass with a simple majority, though it may mean nixing the $15 minimum wage proposal. If the proposal is waved in this process, there is still strong support to see the federal minimum wage raised to at least $10 an hour, an act that would likely see far more bipartisan support.
While certain details of what the final bill will look like remain hazy, the overwhelming support for more COVID-19 relief from the American people will most likely result in the passing of the stimulus package, with most major portions still intact. The US stimulus package would help boost economic recovery, which is already set to improve by 2021.
About the Author
Tom Price is a writer focusing on entertainment and sports features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.