(Mar. 10) President Joe Biden’s $1.9 trillion Covid-19 relief bill cleared its final congressional hurdle Wednesday, with the House passing the bill on an 220 to 211 vote, sending it to the president for his signature.
The vote caps a nearly two-month sprint from the time Biden first unveiled his American Rescue Plan through tough negotiations in the Senate to its final approval largely in the form it was first proposed. Biden plans to sign the legislation on Friday.
The bill is a major political victory for the new president, displaying his influence over a Democratic Party in control of Congress by the thinest of margins. At the same time, the partisan divide over the bill foreshadows the difficulty Biden will have in enacting the multi-trillion dollar, longer-term economic program he wants later this year.
Most Americans will be receiving direct payments of $1,400, with checks going out within days. The bill provides new health-insurance subsidies and child-tax credits, while extending $300 per week supplemental unemployment benefits into September. There’s also $360 billion for state and local governments, a bailout for troubled union pensions and funds to ramp up vaccinations and school re-openings.
Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm
Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world.
To watch complete coverage on Bloomberg Quicktake 24/7, visit http://www.bloomberg.com/qt/live, or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app.
Connect with us on…
Breaking News on YouTube: https://www.youtube.com/c/BloombergQuickTakeNews