Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

U.S. House will take up Senate's $1.9 trillion coronavirus bill by Wednesday: Pelosi

Published 03/08/2021, 05:42 PM
Updated 03/08/2021, 08:35 PM
© Reuters. Speaker of the House Pelosi speaks to a reporter as the House takes up debate of the Senate's version of U.S. President Biden's COVID-19 relief plan in Washington

WASHINGTON (Reuters) - The U.S. House of Representatives will take up by Wednesday the Senate version of the sweeping $1.9 trillion coronavirus relief package backed by President Joe Biden, Speaker Nancy Pelosi said on Monday.

Closing in on final approval of one of the biggest U.S. anti-poverty measures since the 1960s, Democrats aim to enact the massive legislation by Sunday, when enhanced federal unemployment benefits are set to expire.

The Senate passed its version of the bill after a marathon overnight vote on Saturday. The Senate version eliminated or pared back some provisions included in the House bill, which had increased the federal minimum wage to $15 an hour and extended expanded jobless assistance through Aug. 29.

Now that it has passed the Senate, it must be approved again by the House before it can make its way to Biden's desk and be signed into law.

Pelosi told reporters at the Capitol that the timing of a vote on the House floor "depends on when we get the paper from the Senate."

"We'd take it up Wednesday morning at the latest," she said.

Like the Senate, Democrats hold a very narrow majority in the chamber, meaning they cannot withstand many votes against the bill.

The first version of the bill passed in the House without a single Republican vote. Two moderate Democrats joined Republicans in voting against that version. One of them, Representative Kurt Schrader of Oregon, said on Monday he would now vote for the bill with the Senate changes.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

"My concerns remain on the size and scope of this bill but believe the Senate changes provide meaningful relief for Oregonians in need," Schrader wrote on Facebook (NASDAQ:FB).

"Funding for our local governments, small businesses, schools, families, healthcare providers and an extension on unemployment benefits will be a lifeline for many," he said of the legislation.

Republicans, who broadly supported coronavirus relief early in the pandemic, have criticized the price tag of the Biden relief package.

On Friday, as the Senate vote was still under way, House Democratic lawmaker Bonnie Watson Coleman said she was "disgusted" by some of the changes in the Senate bill and questioned if she could support it. A spokesman for her office did not immediately respond to a request for comment.

But Representative Pramila Jayapal, head of the Congressional Progressive (NYSE:PGR) Caucus, told reporters she thought members of the group would back the legislation, which she described as "phenomenal" and in keeping with most of its members' priorities.

White House spokeswoman Jen Psaki praised the legislation at a news conference, saying that while there were some changes on the margins, it represented the "core" of what Biden originally proposed.

Latest comments

What's the difference between Sen Joe Mansion and the Republicans who want to weaken if not destroy the Democratic Party? Nothing.
Prepare for stagflation
Prepare for conflation
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.