Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

U.S. House Democrats advance $1.9 trillion COVID-19 aid bill

Published 02/19/2021, 03:09 PM
Updated 02/19/2021, 04:50 PM
© Reuters. FILE PHOTO: Los Angeles Regional Food Bank drive-thru distribution in West Covina

By Richard Cowan

WASHINGTON (Reuters) - President Joe Biden's push for a $1.9 trillion COVID-19 relief bill took a step forward on Friday as a U.S. House of Representatives committee unveiled the legislation Democrats hope to pass by late next week.

The 591-page bill, stitched together by the House Budget Committee, would carry out Biden's proposals to provide additional money for COVID-19 vaccines and other medical equipment.

Biden toured a Pfizer (NYSE:PFE) vaccine manufacturing plant in Portage, Michigan, amid efforts to ramp up production, with only about 15% of the U.S. population vaccinated against the coronavirus so far.

He said he was open to proposals to make the package less expensive. Referring to Republican critics, Biden said, "Let me ask them what would they have me cut, what would they have me leave out."

Besides the additional funding for medical supplies, major components of the massive aid plan focus on stimulating the country's economy, which has struggled over the past year under job layoffs and shuttered businesses resulting from a pandemic that has killed nearly 500,000 Americans. The plan would offer direct payments to households, extended federal unemployment benefits, aid to state and local governments, and other steps.

House Speaker Nancy Pelosi has said she was aiming for a vote in the Democratic-controller chamber on passing the bill -- a top priority of the new Democratic Biden administration -- by the end of next week.

Earlier on Friday, Senate Majority Leader Chuck Schumer, a fellow Democrat, said his deeply divided chamber will pass the bill before March 14, when the latest round of federal unemployment benefits expire.

While Schumer said he welcomed "constructive amendments" by Republicans, he added in a letter to rank-and-file Democrats: "Make no mistake: the era of Mitch McConnell’s legislative graveyard is over."

Senator McConnell, a Republican, served as majority leader from 2015-2020 and had proudly labeled himself the "Grim Reaper" of legislative initiatives from the Democratic House.

Included in the House bill is a controversial proposal to gradually raise the federal minimum wage, now set at $7.25 an hour, to $15 by 2025.

The provision faces multiple difficulties: Republicans oppose it and at least two moderate Senate Democrats have warned they, too, would vote against it, which would sink the wage increase in a Senate split 50-50.

More importantly, the Senate parliamentarian might prohibit the measure altogether, under arcane Senate rules governing "reconciliation" bills such as this one that allow it to move through the chamber by simple majority votes. Most other bills need to have the backing of at least 60 senators to clear procedural hurdles.

© Reuters. FILE PHOTO: Los Angeles Regional Food Bank drive-thru distribution in West Covina

The House Budget Committee is set to meet Monday to weigh amendments to the bill before sending it to the full House for debate and passage.

Latest comments

Joe's giving $4B to Latin America countries. Imagine how far that money could go here. America dead last.
Min. wage should be based on the cost of living where you live, there is big data everywhere to determine it, this is 2021. And annual COLA’s as well. They can use AI to target us with ads from every click in our phone, but can’t figure this out? Sad.
https://www.nerdwallet.com/cost-of-living-calculator
Hundreds of calculators online
Cost of living for a single person versus a couple versus a family of 3, 4, or more is bot the same maybe wages should take into account more than just cost of living.
More money for themselves and their friends..591 Page! Disgusting!
not 2921, but 2021
It should not be a question of whether to raise the minimum wage to $15/hr, but rather a question of "when". Why the last minimum wage legislation didn't include COLA is asanine. With that said, doubling the current rate in 4 years seems too quick. Perhaps a better proposal would be to retroactively apply COLA to adjust min wage to appropriate level in 2921, then engage auto COLA adjustments every year thereafter, as part of the bill.
Minimum wage is entry level with the anticipation you will eventually better yourself. If you are an adult raising a family the amount of minimum wage is not the problem with you having to struggle but your inability to better yourself is your problem.
Sure let's raise the minimum wage and drive even more small businesses into the ground. And you wouldn't make anymore than you do now. You don't think companies will just raise prices while again the little guy gets stiffed? Use your head
Let's not even go into how the gov will raise taxes based on your making more. lol
So many extremely effective therapeutics for covid out there, and rising... vaccine fanatics... giving 1 trillion to the IMF... pfff Save America!
No worries , it wiil be March 12th. a day before unemployment will expire .Don’t count on it anytime sooner.
It seems like this relief package is taking way to long to get approved.
They are watching those bond yields head north
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.