House set to approve Biden’s $1.9 trillion stimulus package, send bill to the Senate
Democrats are trying to pass the $1.9 trillion relief bill, which includes direct payments and unemployment benefits, by March 14.
The potential risksEconomists critical of the plan tend to focus on the size of the legislation and the potential benefits of a bill better tailored to meet the needs of businesses and workers in industries that continue to suffer the most due to, like airlines, food service and hospitality.
The most head-turning critique came from Biden's fellow Democrat and former Treasury SecretaryLarry Summers, who in a Feb. 4 op-ed warned that the bill could spark a rebound in inflation after a decade of mostly stagnant prices."Given the commitments the Fed has made, administration officials' dismissal of even the possibility of inflation, and the difficulties in mobilizing congressional support for tax increases or spending cuts, there is the risk of inflation expectations rising sharply," he
wrote in The Washington Post.Though economywide inflation has missed the Federal Reserve's 2% target for the vast majority of the last decade, investors are starting to grow uneasy about the potential for a jump in prices.Nathan Sheets, chief economist at PGIM Fixed Income, said that while he appreciates those worries, he is not all too concerned. headtopics.com
"While I see a real risk of rising inflation through the summer and fall as surging demand outstrips the recovery in supply, I'd expect that this rise will be transitory," he wrote in an email Wednesday.Sheets, who also served as undersecretary of the Treasury for international affairs under former President Barack Obama, added that the potential economic pros of more stimulus seem to outweigh the potential risks.
"The labor market remains mired in a deep hole," he wrote. "Getting those 10 million jobs back will require sustained economic growth, especially given that roughly half of the job loss corresponds to folks who have left the labor force."
Many Republicans have questioned the need to send more help beyond the money needed to speed up the Covid-19 vaccination effort and bolster the health-care system.On Wednesday, House Minority Leader Kevin McCarthy, R-Calif., characterized much of the spending as "waste or a wish list from progressives."
A group of the most centrist Senate Republicans previously offered Biden a $600 billion plan that included vaccine distribution funds, smaller direct payments to fewer people than Democrats sought and an unemployment supplement that expired sooner than their counterparts wanted. The president said he would rather pass the sprawling package with only Democratic votes than spend weeks negotiating a smaller bill with the GOP. headtopics.com
Benefits cliff and minimum wageDemocrats had an eye on beating the March 14 deadline, when about 19 million Americans receiving unemployment benefits would lose a $300 per week payment. Many jobless individuals would lose insurance if two programs expanding eligibility and increasing the number of benefit weeks lapse next month.
Congress let similar provisions expire last summer and did not renew them until December, contributing to millions of people falling into poverty and seeking out food aid.The push to pass the legislation ran into trouble Thursday night. Senate parliamentarian Elizabeth MacDonough ruled lawmakers could not include a $15 per hour minimum wage in the budget reconciliation proposal.
Democrats included a provision in their bill to gradually raise the federal pay floor to $15 by 2025. The House did not strike it from the legislation after the parliamentarian's ruling, as Speaker, said House Democrats "believe that the minimum wage hike is necessary."
The U.S. last raised the minimum wage to $7.25 an hour in 2009. Read more: CNBC »
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JoeBiden How Many Women Are On This Top Assignment to Help Stimulate My Pants Ah-Haha-ha More Stimulus Is Needed In My Pants, Ladies!😉😁 And lots of tax funds for democrat pet projects. Tom Cotton and Mitt Romney said they were okay with an $11 dollar an hour min. wage? Do it Dems. Call their bluff. And more...yeah, lots more!
thats a lotta pork 80strolls Your $2000 is coming soon!! 🤣🤣🤣🤣 the Senate stay stopping forward progress man Does anyone know where all this Aid/Stimulus’s is going All for people of America Where’s the money going ? Get it done already. Rush it through. mishow4_ Who misses trump already?! Nancy keeps loosing! No 15 dollar minimum wage increase in blll
مواد امريكا وفرنسا كاس العالم مباشر انا روحت من البوس اجوس وكمان ولا Face is the mirror of soul. Stimulus my ass. It's 1.8 trillion in pork and 1% actual stimulus money. Fucking Democrats bankrupting this country to send money to Sudan and Pakistan Do what is in the bill. Over 100 billion for schools over 4 years. Thought this was over by summer. Don’t you have 25 billion that you guys have not given to schools yet
It's time for the US to change. It's time to change the way our economy works. It's time to pay the people that make America great. Help the people that need help around the world. It's time to do things our way Even though I've been bashing AOC lately, I have to say, I'm starting to like her. It's nice seeing SpeakerPelosi and her on the same page about the MinimumWage.
Where it will crash and burn without Manchin's vote.... Cut the pork and give it directly to American citizens. ImpeachPelosi رجل طيرتين والسياره على غزه لانه راح خربطت خربطت لو سالت اخذها اخذها Raining DEATH on Syria before stimulus checks is so Biden! MIC wins again before US. Most Americans couldn’t find Syria on a map!
Has anyone read the bill? I’m sure that we could cut out half of this as it likely just sends money to random special interest groups I am recently in your country, looking for new friends Stocks 🆙 these red days have been brutal Yep and enjoy the inflation when the businesses re open