U.S. House Democrats indicated that they plan to approve the Biden administration’s $1.9 trillion coronavirus relief bill on Friday (Feb. 26), while over 150 New York business leaders sent a letter to Congress urging bipartisan passage, CNBC reported on Wednesday (Feb. 24).
“The American people strongly support this bill, and we are moving swiftly to see it enacted into law,” tweeted House Majority Leader Steny Hoyer, D-Md., per CNBC.
The relief legislation would give $1,400 to most people, extend $400 in weekly jobless benefit supplements, and continue the expansion program that enables gig workers and other independent contractors and freelancers to collect unemployment. The new legislation also earmarks $20 billion for vaccinations, $50 billion for COVID-19 testing and $350 billion into state, local and tribal government relief. The stimulus package also includes a provision to increase the minimum wage to $15 per hour, but that could be dropped upon the final passing of the bill, the article indicated.
According to the letter from New York chief executive officers, “… more must be done to put the country on a trajectory for a strong, durable recovery. Congress should act swiftly and on a bipartisan basis to authorize a stimulus and relief package along the lines of the Biden-Harris administration’s proposed American Rescue Plan. The most vulnerable Americans — including women, people of color and low-wage workers — are experiencing the worst of the pandemic, with unprecedented job loss, childcare burdens and food insecurity.”
Democrats are moving to pass the law through budget reconciliation, which requires a simple majority in a Senate that is evenly divided along party lines. They have indicated that time is of the essence and that economic relief is needed now. Republicans have asked why so much stimulus is necessary, because vaccinations have changed the trajectory to a broader reopening.
Retail sales went up in January, but the boost might have been mostly due to the stimulus payments that were extended as part of the $900 billion aid package. Treasury Secretary Janet Yellen said a big stimulus package is a necessity to get the country back on track. A House committee approved the legislation earlier this week.