Stimulus bill deadline: Senate’s marathon session to hammer out $1.9T relief packageMarch 6, 2021
The Senate is rushing to pass its version of the $1.9 trillion stimulus bill by this weekend and is looking to make significant changes to before it is done. The goal for Congressional Democrats is to complete the relief package before March 14 when expire and to start sending the by the .
Thoseare designed to get money into the pockets of struggling families and individuals as soon as possible to spend. The relief bill would also expand to lower-income families, extend possibly into October and fund .
To make their deadline, however, legislators are shedding pieces of the bill that could hold up a vote, such as the. Here’s what you need to know about the relief bill now with the Senate, including , which falls in the . This story is updated regularly with new information.
A $1,400 third stimulus check, with an income cutoff
Theamount looks set. But Senate Democrats are ready to change the rules to that would cut off those they categorize as “higher earners” from receiving any money. Under those proposed eligibility rules, some for the first two payments may not make the cut for a third. A hard ceiling on income, designed to exclude higher earners from getting a check, would come with a rule change regarding the in the . Check out our to see how that the new Senate income cap could work for you.
The new proposal would give the IRS a deadline of Dec. 31 this year to finish sending the stimulus checks.
For this, congressional Democrats are pushing to include and . Here are , or or be . Here’s what . And here is .
Change to $300 in weekly unemployment benefits
If the new bill is approved by March 14, it would renew the federal unemployment aid without a gap in funding.
Under the new Senate plan, the federal unemployment checks would extend to October at a $300 weekly rate. The House proposed a $400 weekly payment ending in August. The Senate plan would also reduce taxes on the unemployment benefit.
The weeklyCongress approved in December as part of the $900 billion COVID-19 relief legislation are .
Senate may abandon minimum wage fight this time
Senate Democrats have jettisoned a provision in the relief bill to boost the minimum wage after the Senate parliamentarian, who determines which items can and can’t be included in the bill under a , determined the provision fell outside the guidelines to be included. According to The Washington Post, the lawmakers will look to include the $15 hourly rate in another bill.
The minimum wage rate has stood at $7.25 an hour since 2009. By boosting the national minimum wage to $15 an hour, 32 million US workers, or 21% of the workforce, would see their hourly wage lifted, according to the Economic Policy Institute, a left-leaning think tank.
While many Republicans oppose the bill, some are pushed for a smaller wage hike. Republican Sens. Tom Cotton and Mitt Romney, for example, proposed going lower, setting the minimum wage at $10. On the Democratic side, Sen. Joe Manchin said the $15 an hour rate is too high and that he’d support a raise to $11 an hour. Fellow Democrat Sen. Kyrsten Sinema is also opposed.
What’s going on with student loan forgiveness?
Although forgiving student loan debt is part of the discussion, Senate Democrats and President Joe Biden have different dollar figures in mind for how much to cancel. Biden on Feb. 16 said he supports canceling $10,000 in student debt and extending the pause on student loan repayment. Biden’s figure is at odds with a Senate Democrat proposal, however, that calls for canceling up to $50,000 in student debt.
“I do think that, in this moment of economic pain and strain, that we should be eliminating interest on the debts that are accumulated, No. 1. And No. 2, I’m prepared to write off the $10,000 debt, but not $50,000,” Biden said. The House bill doesn’t address student loan debt.
Expanded child tax credit would bring thousands of dollars more
The House bill would wouldn’t receive the credit. Families could claim up to $3,600 per year for a child under age 6 and up to $3,000 per year for those ages 6 to 17.that currently allows families to claim up to a $2,000 credit for children under age 17. If approved, the plan would extend the benefit to lower-income families who otherwise
The expansion would target low- and middle-income households, according to Howard Gleckman, a senior fellow at the Tax Policy Center. “More than one-third of the benefit would go to the lowest income parents, who’d get an average tax cut of almost $3,300,” Gleckman wrote on Feb. 10. “Low- and middle-income parents would receive nearly 80% of benefits.”
The plan would also expand tax credits for one year to help cover the cost of child care. Families could get back as a tax credit as much as half of their spending on child care for children under age 13, up to $4,000 for a single child and $8,000 for two or more children.
Coronavirus vaccine delivery across the US
More than 96 million vaccine doses have so far been distributed in the US — and more than 75 million administered — with the country on track to meet Biden’s goal of 100 million vaccine jabs during the first 100 days of his administration (April 30 would be 100 days after Biden’s Jan. 20 inauguration). In a town hall-style meeting on CNN on Feb. 16, Biden said that by the end of July, the country will have enough supply to vaccinate everyone in the US. The goal then becomes having enough other supplies and people to administer the vaccine.
Biden’s plan would set aside $160 billion for a that would help state and local governments get the vaccine into people’s systems.
Eviction ban extended through September
The new proposal would extend the eviction and foreclosure moratoriums until Sept. 30. The plan would provide $30 billion in rental assistance for renters and small landlords, especially for low- and moderate-income households. On Jan. 20, Biden signed an executive order extending the eviction ban through this month, which means it may not be part of the final new stimulus bill at all.
Funds to help reopen schools during COVID-19
Getting students back on campus is a critical piece of the economic recovery. The bill would work to return students to schools by having a majority of kindergarten to eighth-grade classrooms safely reopen in the first 100 days of the administration.
Additional money for state, local and tribal governments
Since the fall, economists have pushed for Congress to provide funding for state and local public jobs. “The case for additional aid is strong because the downside risk of doing nothing is quite real,” the American Enterprise Institute, a conservative think tank, said at the end of last year. “The fact that over 1 million state and local government workers have lost their jobs is a sign that fiscal distress has had real consequences.” In addition to state and local funding, the bill would provide funds for food and water assistance and food stamps.
For more information about stimulus money, here are the, how to and how your .