Home gives green light to Biden’s COVID bill
The United States House of Representatives gave final approval on Wednesday March 10 to the $ 1.9 trillion COVID-19 relief bill championed by President Joe Biden, who plans to sign the bill on Friday, according to CNBC.
The bill, which will be among the most significant in U.S. history, will be one of Biden’s first major legislative achievements. The Friday signing deadline is coming because it can sometimes take days for bills of this size to circulate around Washington.
The proposal will expand a number of provisions including, but not limited to, new checks of $ 1,400 for most Americans and their dependents, extensions of unemployment assistance of $ 300 per week , with the first $ 10,200 for an individual’s unemployment benefit being tax exempt, child tax credits expanded for one year, more help with vaccines, more help with rentals and services public, and more relief for state and local governments.
The bill passed the House by a margin of 220-211. No Republican voted for the bill, the party line being that the bill is too expensive as the pandemic is coming to an end and the job market has recovered enough that it does not need much more. stimulus spending.
But Biden said the bill was needed to help people still struggling amid volatility economy.
“This legislation aims to give the backbone of this nation – the essential workers, the workers who built this country, the people who make this country a living – a fighting chance,” he said, according to CNBC.
House Speaker Nancy Pelosi expressed her support for the bill saying it was “consecutive and transformative legislation,” writes CNBC.
The new bill could see a peak of benefits for retailers and industry trade groups, which could see a 23.5% gain since the last checks for $ 600 were received in early January, with department stores leading the pack. Other types of retailers – such as furniture and home furnishings, electronics, appliances, sporting goods, entertainment and music – also reported notable increases in their revenues.