The House Just Passed Biden's $1.9 Trillion Stimulus Bill
President Joe Biden plans to sign the bill on Friday, completing his first promise from his historic presidential campaign.
These are the main aspects of the legislation:
- Extending $300 per week in additional unemployment benefits until September 6
- $1,400 direct payments to most Americans. The payments are capped for individuals who make less than $80,000
- Expanding the child tax credit to $3,600 for children under 6 and to $3,000 for children between 6 and 17
- $20 billion to COVID-19 vaccine manufacturing and distribution
- $50 billion for COVID-19 testing and contract tracing
- $25 billion in rental and utility assistance
- $350 billion in relief to state, local, and tribal governments
- $120 billion to K-12 schools
The bill passed through the House by a 220-211 margin without a single Republican vote and with one Democratic vote against. Democrats passed the bill despite improving economic data such as a strong February jobs report and the unemployment rate falling to 6.2 percent. Republicans argue that additional stimulus was not necessary due to increased vaccinations and improving economic data. Republicans have also warned about the risk of inflation.
“There is a real risk here, of this kind of massive stimulus overheating the economy. ... I just think it’s sad because we could’ve done, I think something much more targeted and focused on Covid-19,” GOP Sen. Rob Portman of Ohio told CNBC on Wednesday morning.
Democrats have argued that the stimulus will ensure no setbacks occur in the economic recovery.