According to House Majority Leader, Steny Hoyer, the House of Representatives plans to work through Biden’s U.S. bailout plan throughout the month, aiming to vote on the bill in late February and then pass it through. give it to the Senate. In addition tothe legislation can be extended in the fall and lay the foundation for one
To meet their mid-March deadline, Democrats will use a legislative budget instrument to do sobut sets strict limits on what Democrats can and cannot include in their stimulus law. Here’s what we now know about Biden’s proposal.
A third incentive payment of $ 1,400, with an upper limit on income
Aappears to be the fixed rate. Added to the $ 600 checks that Congress approved in late 2020, this would add up to a sum of $ 2,000 that some have been calling on for months.
After days of looking back and forth, Congress is looking forward to itthan this one for the first two payments, while retaining the the same. Hard income meant to exclude higher incomes from getting a check would change a rule about the in the Check out our to see how that could work for you.
For this, Biden urges to include it and Be here or Here’s what
What about student loan forgiveness?
Biden has asked Congress to waive $ 10,000 in student debt for all borrowers and extend the break for student loan repayment. Earlier this month, Senate Democrats, led by Senator Elizabeth Warren, submitted their own proposal to forgive up to $ 50,000 in student debt.
“I really think in this moment of economic pain and tension we should eliminate the interest on the debt that has accrued, number one. And, number two, I am willing to write off the debt of $ 10,000, but not $ 50,000. . ‘,’ Said Biden on Feb. 16.
$ 400 extra in federal unemployment benefits
The weeklyCongress approved in December as part of the $ 900 billion COVID relief legislation During his presidential campaign, Biden pushed for reform of the unemployment system and said he would work with Congress to extend unemployment benefits allowed under last year’s CARES law that were extended in December, ” however long this crisis lasts “.
Biden’s plan would send $ 400 federal unemployment benefits through September with triggers that would extend benefits beyond September for those still out of work and include automatic payment adjustments related to health and economic conditions.
If a new bill is passed on March 14, it would extend federal unemployment benefits without a shortage of funding.
Nationwide supply of coronavirus vaccines
More than 70 million doses have been distributed in the US so far – and 55 million administered – and the country appears to be on track to meet Biden’s goal of 100 million vaccine shocks in the first 100 days of his administration. In a town hall meeting on CNN on Feb. 16, Biden said the country will have enough supplies to vaccinate everyone in the US by the end of July. The goal then becomes to have sufficient supplies and people to administer the vaccine.
Biden’s plan would be $ 160 billion for onethat would help national and local governments get the vaccine into people’s arms.
A larger child discount would make more money for families
In his plan, Biden suggeststhat currently allows families to claim a $ 2,000 credit for children under the age of 17. If approved, the plan would extend the benefit to lower-income families who would otherwise not receive the credit. Under Biden’s plan, families could claim up to $ 3,600 per year for a young child and up to $ 3,000 per year for an older child.
According to Howard Gleckman, a senior fellow at the Tax Policy Center, the expansion would target low- and middle-income households. “More than a third of the benefits would go to the lowest-income parents, who would receive an average tax cut of nearly $ 3,300,” Gleckman wrote on Feb. 10. “Low- and middle-income parents would receive nearly 80 percent of the income benefits.”
The plan would also extend the childcare tax credit by one year to cover childcare costs. Under Biden’s plan, families could get a tax credit from as much as half of their childcare expenses for children under 13, to $ 4,000 for a single child and $ 8,000 for two or more children.
Is a $ 15 minimum wage included in the home bill?
One area still under discussion is onein the bill, that the national minimum wage would gradually increase to $ 15 an hour over five years (longer for some groups of workers).
While there is some doubt that it will make it into the final package, Pelosi said on Feb. 11 that the House is working on the provision and will send it to the Senate as part of the bill. The Senate could delete that from its version of the proposal before returning it to the House for a final vote.
If a minimum wage increase doesn’t make it to the final bill, Biden has said he’s committed to raising it from the current $ 7.25 an hour as part of a separate negotiation with Congress.
On January 24, Biden signed an executive order directing the Office of Personnel Management to make recommendations for a minimum wage increase to $ 15 an hour for federal jobs.
Funds to Reopen Schools During COVID-19
A critical part of the economic recovery is getting students back on campus. “We will also need tens of millions of dollars to help our schools reopen and open safely,” Biden said on Jan. 8. The Biden Plan would work to return students to schools through a majority of kindergarten through the 8th. classrooms reopen safely in the first 100 days of administration.
Money intended for national, local and tribal governments
Along with the extension of liability protections pushed by Republicans, democratic support for state, local and tribal government funding was a major impediment to reaching an agreement on a new economic assistance package in the second half of last year. With, Biden has pledged support for state and local funding as part of his government’s aid package.
Since the fall, economists have been urging Congress to provide funding for state and local government jobs: “The arguments for additional aid are strong because the downside risk of doing nothing is quite real,” said the American Enterprise Institute. , a conservative think tank. late last year. “The fact that more than 1 million state and local government employees have lost their jobs is a sign that the tax problems have had real repercussions.”
On January 8, Biden reiterated his concern about state and local governments “cutting jobs” as a result of the pandemic and pledging to provide “immediate relief”. In addition to government and local funding, Biden’s plan would provide funds for food and water aid and food stamps.
Extension of the deportation ban until September
On January 20, Biden signed an executive order extending the expulsion ban until March, meaning it may not be part of the latest new stimulus law at all. Biden’s proposal would extend the expulsion and disqualification moratoriums until September 30. The plan would provide $ 30 billion in rental assistance to renters and small landlords, especially low- and middle-income households.
We will continue to update this story as Biden reveals more details about his plans. For more information on incentive money, here are the