Third stimulus check news summary: 10 March 2021

GOP senator tweets approvingly about part of bill he voted against

Khary Penebaker is left wondering why GOP senator Roger Wicker tweeted approvingly about part of a stimulus bill but voted against the bill itself...

Child tax credit is standout legislation in bill, not the $1,400 stimulus check - professor

While most attention on the American Rescue Plan has centered around the $1,400 stimulus checks, the stand out measure in the bill is the child tax credit, according to Pamela Stone, professor of sociology at City University of New York, and author of the books ‘Opting Out’ and ‘Opting Back In’.

The relief legislation expands the child tax credit from $2,000 to $3,000 annually per child aged 6-17 and to $3,600 for kids under 6 for single parents earning less than $75,000 annually, $112,500 for head of households, and $150,000 for married couples. 

But bill’s enhanced child tax credit has gone one step further by directing the IRS to send periodic cash payments valued at half the amount of tax credit to low- and middle-income families this year. Experts and democrats have said the enhanced child tax credit would reduce child poverty by 45%. “I think this is a critical piece of legislation,” Stone told Yahoo Finance.

“The U.S. is the only country in the world that, for example, does not have paid family leave. That leaves a whole set of solving of the work/family dilemma up to the individual, usually women,” she added. “So with money, you can have resources to purchase, for example, child care.”
 

European markets react to Stimulus Bill approval

European stock markets are set to rally Thursday in reaction to the final approval of President Joe Biden’s $1.9 trillion American Rescue Plan.

London’s FTSE is seen opening 19 points higher at 6,738, Germany’s DAX 40 points higher at 14,574, France’s CAC 40 up 16 points at 6,004 and Italy’s FTSE MIB 94 points higher at 24,009, according to IG (via CNBC). 

Asia-Pacific markets are also trading higher on Thursday, while Stateside the Dow jumped a record 464 points on Wednesday. 

Progressives continue to push for recurring $2,000 stimulus checks

President Joe Biden is expected to sign the American Rescue Plan into law on Friday, which will trigger the third round of stimulus checks worth up to $1,400 per person. The financial relief comes after weeks of negotiations and discussion in Congress, but some from within Biden's own Party feel like more support is needed. 

Rep. Cori Bush has been a particularly vocal supporter of recurring stimulus checks and cosigned a letter from over 50 progressives voices that called for repeat payments to be considered. Although both that and the proposed $15 per hour minimum wage did not make it to the final bill, the calls for these more long-term provisions continues.

American Airlines to end staff furloughs after stimulus bill passes the House

A recent press release from American Airlines tells the 13,000 workers who received notices that they would be placed on furlough from 1 April: "you can tear them up!". The new $1.9 trillion stimulus bill extends airline Payroll Support Program, giving the struggling industry enough support to ensure they can continue to keep staff on regular contracts.

Although President Biden will sign the stimulus bill on Friday, American Airlines are announcing the move early and it seems to bode well for Biden's American Rescue Plan. It is thought that stimulus bill will save 27,000 airline workers from furloughs that due to begin at the end of this month. 

Stimulus checks will provide much-needed financial relief

Sen. Gary Peters has shared the thoughts of a constituent who outlined the importance of the $1,400 stimulus checks for individuals and families are struggling due to the pandemic. The stimulus checks are just one facet of the $1.9 trillion package but for those who are really struggling to make ends meet it is the direct payments that are most urgently needed. 

Speaking yesterday, Peters said: "The American Rescue Plan will extend much-needed assistance to Michiganders out of work because of this pandemic through no fault of their own. I’m looking forward to the House passing this bill & POTUS signing it into law soon."

Biden's name will not be on the stimulus check

It is nearly a year since the first round of stimulus checks was signed into law by President Donald Trump, and the former President was eager to make clear that the financial support was coming from him. Unlike Trump, President Biden's signature or name will not appear on the $1,400 stimulus checks that could be sent out as early as next week. 

Sen. Jon Ossoff, who made the promise of a third stimulus check a key part of his successful Georgia Senate runoff race, has suggested that this marks a clear difference between the two leaders. Biden's signature may not be on the check but it hopefully will be on the bill itself from Friday, when he is expected to sign the American Rescue Plan into law. 

Stimulus checks will be retroactive for 2021 newborns 

The third round of stimulus checks are expecting to begin distribution in the coming weeks after President Joe Biden signs the American Rescue Plan into law on Friday. This will see $1,400 checks sent to all eligible Americans, and will even provide payments for some who are not even born yet. 

Washington Post personal finance correspondent Jeff Stein reports that children born in 2021 are still entitled to a stimulus check payment, but it would have to be claimed on next year's tax returns. Currently, the IRS are processing missed payments for both of the previous two rounds of stimulus checks through the form of a Recovery Rebate Credit, and it appears that something similar will be available in the future. 

$1,400 stimulus checks could be snatched by debt collectors 

In the covid-relief package passed in December there were protections from debt collectors taking the $600 direct stimulus money sent out as part of the bill. However, this time due to the legislative rule-making process, the $1,400 payments aren’t protected from being seized to pay off private debts. 

However there have been some efforts made to ensure that recipients can keep as much of the stimulus check money as possible, and the Democrats fought hard in the Senate to introduce a tax waiver for 2020 unemployment benefits. 

AMERICAN RESCUE PLAN

Unemployment benefits: How much money can married couples save on taxes?

Stimulus bill provides tax deductions for millions

On Wednesday the House of Representatives passed the revised $1.9 trillion stimulus bill, giving Congressional approval for President Joe Biden’s American Rescue Plan. Alongside the third stimulus check, the package also includes an extension to the additional unemployment programmes that have been a vital lifeline for millions over the last year.

New in this stimulus bill is a tax deduction for recipients of unemployment benefits who received federal support during 2020. It is thought that over 40 million Americans could qualify, but how much is the tax relief worth and when will Biden sign it into law?

Read more:

$1,400 stimulus checks and climate fighting measures 

Republicans attacked the $1.9 trillion covid-19 relief bill for not being targeted towards fighting the pandemic. Some of the money did go to projects that on face value would not seem to be strictly to fight the virus. However, because of the pandemic, many people were put out of work and the economy was affected too. 

To keep jobs that are still at risk of being lost and get the US back to full employment the bill included a couple measures that will also have the benefit of fighting climate change to a degree. 

One provision will help keep public transportation agencies solvent. It will be easier to get people out of their cars and back on to mass transit if the systems are still in place at the end of the pandemic. Secondly, there is money to upgrade infrastructure at the state and local level. Outdated systems are susceptible to extreme weather as the country saw with the cold blast this winter. 

Biden doesn't want to waste time getting $1,400 stimulus checks to Americans

President Biden will sign the American Rescue Plan into law on Friday and soon after $1,400 direct stimulus payments will begin to be sent out. The White House is not committing to a specific date as it will be up to the Treasury Department to decide the exact date.

However the President and Democrats have assured that the direct payments should go out before the end of the March. White House Press Secretary Jen Psaki said that Biden did not want any time wasted on having the checks branded with his name. The President wants the stimulus money to get to families that need it as soon as possible.

Biden’s stimulus bill takes US in new direction 

For decades the expression “trickle-down economics” has been a mainstay when talking about US policy on the economy since Regan’s tax policy of the 1980s. President Biden’s $1.9 trillion covid-19 relief bill turns that philosophy upside down.  

During the pandemic the US experienced a K-shaped recovery with those at the top excelling, able to work from home and in many cases financial reserves to weather the storm. At the bottom was a different story, with the bulk of unemployment experienced by lower income earners. The latter is specifically who the bill targets to help prop up the recovery.  

Is it the end of Reganism? The Guardian gives their analysis.

Dow tops 32,000 as investors shift on stimulus bill 

While the NASDAQ continued its decline, investors pushed the Dow Jones over 32,000 for the first time. Traders are moving funds into companies that look likely to benefit from the reopening of the US economy, and away from technology companies that did well during the pandemic.

Stimulus bill already getting America back to work 

American Airlines sent a letter to employees to let them know that furloughs announced for next month will not occur now that Congress has passed President Joe Biden’s $1.9 trillion American Rescue Plan. 13,000 workers were set to be furloughed as of 1 April but they can now “tear up” the notices they received. The American Airlines also asked staff to thank congressional members when they see them. 

The American Rescue Plan included $14 billion to extend the Payroll Support Program for airlines through September that were set to expire 31 March.

AMERICAN RESCUE PLAN

Unemployment benefits: How much money can married couples save on taxes?

Jobless married couples will see tax relief from stimulus bill passed

The new stimulus bill includes tax relief for recipients of unemployment benefits, allowing you to knock thousands of dollars off your tax bill.

Read the full story:

US NEWS

Third stimulus check: when will the money arrive & how much will it be?

Third round of stimulus checks coming soon?

A third round of stimulus checks was approved on Wednesday as the House voted to accept a revised version of President Biden's $1.9tn coronavirus relief bill.

Read the full story:

$1,400 stimulus checks for babies born in 2021 

Of the many provisions of the $1.9 trillion covid-19 relief bill that passed Congress on Wednesday, millions of families will be most directly affected by the $1,400 direct stimulus payments. Reporting from Business Insider points out a birthday present for newborns that parents can collect in 2022. Any child born in 2021 will be eligible for a $1,400 stimulus check, if the parents met the economic eligibility requirements.

Progressive caucus touts benefits of stimulus bill 

The Progressive caucus is made up of 93 members in Congress. Although members of the caucus were frustrated with the removal of the $15 minimum wage provision from the House version, they voted unanimously for the final version. The caucus has vowed to keep fighting to raise the minimum wage from $7.25 per hour since 2009 to $15 per hour by 2025.

Democrats pose for photo with stimulus bill

The Business Roundtable applauds stimulus bill, calls for bipartisanship

Pelosi and Schumer sign the American Rescue Plan

With the signing of the $1.9 trillion covid-19 relief bill by the Speaker of the House Nancy Pelosi and Senate Majority Leader Chuck Schumer, the American Rescue Plan can now go to the White House for President Biden to sign. 

The White House announced that President Biden will sign the first major legislative victory for the administration on Friday.

Nancy Pelosi thanks Democrats for passage of stimulus 

The House of Representatives gave the final go-ahead to the $1.9 trillion American Rescue Plan on Wednesday before President Biden can sign it into law. House Speaker Nancy Pelosi thanked “the collaborative spirit among our members” for the successful passage of the bill. 

“On this occasion, I think I can safely say – this is the most consequential legislation that any of us will ever be a party to.”

President Biden thanks House for passing stimulus bill 

For weeks now, an overwhelming percentage of Americans – Democrats, Independents, and Republicans – have made it clear they support the American Rescue Plan. Today, with final passage in the House of Representatives, their voice has been heard. 

Now we move forward with the resources needed to vaccinate the nation. To get $1,400 in direct payments to 85% of American households. To expand coverage and help with lowering health care premiums. To give small businesses what they need to stay open. To expand unemployment insurance, provide food and nutrition assistance. To help keep a roof over people’s heads. To cut child poverty in half. 

This legislation is about giving the backbone of this nation – the essential workers, the working people who built this country, the people who keep this country going – a fighting chance. 

I want to thank all the members who voted for it, especially Speaker Pelosi, the finest and most capable speaker in the history of our nation. Once again, she has led into law an historic piece of legislation that addresses a major crisis and lifts up millions of Americans. 

On Friday, I look forward to signing the American Rescue Plan into law at the White House – a people’s law at the people’s house.

Statement from White House

US NEWS

Third stimulus check: revised relief bill passes House - when will Biden sign?

Biden prepared to sign stimulus bill

The House of Representatives on Wednesday voted to approve the revised version of a $1.9tn coronavirus relief bill that includes a third stimulus check.

Read the full story:

Americans may need to wait for some stimulus programs 

In a 220-211 vote, the American Rescue Plan cleared its last hurdle en route to President Biden’s desk. President Biden is expected to  sign the first landmark legislation of his presidency on Friday just days before federal pandemic unemployment benefits are due to expire. 

Although the $1,400 direct stimulus payments could go out within days of Biden signing the bill, other programs may take longer to implement. Coming so close to the cutoff for unemployment benefits, some states may struggle to update their antiquated systems to ensure seamless continuation of jobless aid.  

Other programs will be affected as state agencies must wait for guidelines from federal departments for implementing the numerous programs affected by the legislation.

What is in the covid-19 stimulus

The American Rescue Plan after passing the House with the amendment made in the Senate can now go to President Biden for his signature. His press secretary Jen Psaki announced that he will sign the bill on Friday.

The American Rescue Plan passing the House

President Joe Biden has his first legislative victory with the passage of the $1.9 trillion covid-19 relief bill. The final vote is 220 - 21! with just one Democratic Representative crossing the aisle to vote with the Republicans. The GOP stayed united in their opposition.

The lone Democratic vote against ARP

In the previous vote on the $1,9 trillion covid-19 relief bill in the House two Democratic Representatives voted against the spending package. This time around Rep. Kurt Schrader from Oregon voted for the bill but his colleague Jared Golden from Maine still had his misgivings.

A comparison: 2017 tax cuts vs. 2021 ARP

Both the tax cuts in 2017 and the American Rescue cost $1.9 trillion. The Tax Policy Center provided a graphic comparison of who benefited from the tax provisions and by how much.

One Democratic "Nay" vote

Democrats can only spare a total of 5 votes against the American rescue Plan from their caucus.

Biden expects stimulus bill to pass

Voting in the House has ended but the tally still continues. Even so, the White House is already planning for when President Biden will sign the bill. According to Jake Sherman the signing ceremony will take place on Friday. Democrats will have met their goal of enacting the bill before the 14 March deadline.

Watch: the final vote on the American Rescue Plan in the House

Debate on American Recue Plan ends

The House of Representatives has finished debate on the Senate's amendments to the $1.9 trillion covid-19 relief bill. The House is now voting to concur on those amendments.

Stimulus bill lowers taxes for many, but a few will get a tax hike 

The American Rescue Plan passed in the Senate on Saturday could see families with children could on average receiving a $6,000 tax cut. Households making $91,000 or less would receive nearly 70 percent of the tax benefits.  

But in order to pass the $1.9 trillion covid-19 relief bill along party lines using reconciliation Democrats needed a way to stay below the price cap. Some provisions pushed them over the limit, including waiving taxes on unemployment benefits. To keep the bill under the price cap some new taxes were put into the bill.  

One takes away deductions for publicly traded companies that pay top employees more than $1 million. Another provision cracks down on how multinational corporations do their taxes. A third targets how owners of unincorporated businesses account for their losses. 

See the full story at Politico: 

Clyburn tells Graham to get some religion over comments about stimulus package provision 

For over a century, Black farmers faced discrimination from the US Department of Agriculture and were largely excluded from federal loans and farm improvement initiatives. The $1.9 trillion covid-19 relief bill that the House is debating includes a $5 billion provision that will forgive debts for Black, Hispanic, Indigenous, and other farmers of color. 

Democratic Senator Raphael Warnock led the drive to take a step toward righting a wrong after a century of mistreatment and enable reforms that will assist farmers with building generational wealth. The measure includes money that will provide disadvantaged farmers with debt relief as well as grants, training, education and other forms of assistance aimed at acquiring land. 

House Majority Whip James Clyburn on Wednesday blasted Sen. Lindsey Graham over his comments that aid to Black farmers in the covid-19 relief bill are "reparations" and called for his fellow South Carolinian to get back in touch with Christianity. 

Read the full story at CNN:

Democratic House Whip, ARP "is one of the boldest pieces of legislation in generations"

The American Rescue Plan left the Senate with modifications that upset some of the progressive wing of the Democratic party. With just five votes to spare in the House to pass the bill there was worry not enough would be onboard. 

However on Monday Rep. Pramila Jayapal said "We take the win. We believe it's our work that made it as progressive as it is." A sentiment expressed by the Democratic Progessive Whip Rep. Ilhan Omar.

Graphic evidence of stimulus bill

Rep. Tom Rice presents his argument against the American Rescue Plan to the gallery with some visual evidence.

Stimulus bill debate: "BLM. How dare you!"

Rep. Stacey Plaskett got a round of applause for her rebuttal to Glenn Grothman's comments (see below) on those in the Black Lives Matter group "not liking the old fashioned family."

Plaskett was firm as she aimed to put him in his place.

"Stimulus help is on its way"

Chairman Yarmuth has been speaking on the House floor too.

"We promised relief. The President promised relief – and now help is on the way," he says.

Stimulus bill "like a cheap drugstore concealer"

Forget little aspects of the relief bill like cutting child poverty in half, Rep. Lauren Boebert points to what she calls "nothing more than a trashy spending spree" from the Democrats.

As well as some simple to identify lies, an angry Boebert also threw in a touch more racism repeating the 'China virus' slogan that Donald Trump was so proud of.

Stimulus relief bill: BLM brought into debate

Rep Glenn Grothman points to Black Lives Matter's influence on this bill. As you can imagine, it didn't go down very well with those that are, well, against racism.

Stimulus via socialism?

Aaron Rupar has been bringing people on Twitter a flavor of what is being said on the House floor. Allow us to share some of those clips with you...

Here's Republican Kevin McCarthy.

Collins' stimulus retort to Schumer

Sen. Susan Collins, a Maine Republican, fired back at Senate Majority Leader Chuck Schumer after he said it was a "mistake" to shrink the 2009 economic stimulus package in order to win her vote.

"I thought that Leader Schumer's comments were bizarre," Collins told NBC News on Wednesday, noting that she was one of three Republicans to support then-President Barack Obama's $787 billion package to mitigate the pain of the financial crisis.

“He voted for the same package that I did,” Collins said. "So, for Chuck Schumer, who was intimately involved in the negotiations as the assistant leader, to somehow criticize me for taking the same position that he did, is simply bizarre. And I think it reflects regrettably his inability to accept the fact that despite pouring $100 million into defeating me, the people of Maine said no."

Full story below:

Stimulus relief bill: Republican opposition

As the debate goes on in the House, some of the Republican rebukes of the proposed bill are getting rather vicious.

"Planned parenthood can go FUND itself," the latest outburst.

Schumer calls covid-19 relief bill "most sweeping federal recovery package in recent history”

CNN - Senate Majority Leader Chuck Schumer expressed confidence in the final passage of the covid-19 relief bill today, describing it as the "most sweeping federal recovery package in recent history."

The “House of Representatives is set to approve the American Rescue Plan and send it straight to President Biden's desk for his signature. Capping a month-long effort by Democrats to pass bold covid relief to defeat the pandemic and boost our economy," the New York Democrat said.

"Once President Biden signs the bill into law, it will immediately become the most sweeping federal recovery package in recent history," he continued.

Will you be eligible for a stimulus check?

One of the sticking points in the original text of the draft bill was eligibility for the new round of stimulus checks, with many lawmakers calling for a more targeted distribution compared to previous payments. 

An individual with an AGI of $80,000, a couple making $160,000, or a head of household earning $120,000 won’t see any stimulus money. This was a last-minute deal during the amendment stage to keep moderate Democrats, who wanted to more narrowly target the direct stimulus payments, on board.

American Rescue Plan

What Hoyer said about the third stimulus check and when the House will vote on the covid-19 relief bill?

What Hoyer said about the third stimulus check

After the Senate passed its version of the American Rescue Plan with a party-line 50-49 vote on Saturday, House Majority Leader Steny Hoyer expressed optimism about the news in a statement.

Read more:

House currently debating the bill ahead of a vote on final passage

Lawmakers are currently debating the $1.9 trillion Covid-19 relief plan now on the House floor. If passed in the chamber, it will then go to President Joe Biden's desk to be signed into law.

CEOs strongly back Biden's stimulus plan

CNN - President Biden's $1.9 trillion rescue plan is getting high marks from business leaders.

Seventy-three percent of the CEOs and business leaders polled during Wednesday's virtual Yale CEO Caucus support Biden's American Rescue Plan. That includes 37% who indicated "strong" support for the package.

This suggests the C-Suite is even more supportive of the plan than Americans at large, as a CNN poll released on Wednesday showed 61% of the public supports the legislation.

"This is a big day and we're very thankful for what the administration is getting done and what Congress is getting done with this bill," American Airlines CEO Doug Parker said during the Yale event.

AMERICAN RESCUE PLAN

Third stimulus check: is President Biden's signature necessary?

Third stimulus check: is President Biden's signature necessary?

As the House of Representatives prepares to vote on the revised American Rescue Package, people have been asking whether or not President Joe Biden will have his name signed or printed onto the individual stimulus checks that will be sent out to Americans. 

Full story:

Joe Biden: Keep the faith, folks. We will get through this.

1) Relief bill will pass the House.

2) President Biden signs it.

AMERICAN RESCUE PLAN

Third stimulus check: What will be the maximum payment, could it be higher than $1400?

Third stimulus check: What will be the maximum payment, could it be higher than $1400?

The House of Representatives will take up President Joe Biden’s $1.9 trillion covid-19 relief bill on Wednesday. The vote in the lower chamber, if all goes accordingly, will be the final hurdle before the sweeping legislation lands on Biden’s desk. In the covid-19 relief package are tax provisions for families in 2021 that could bring a boost to household incomes.

One measure in the bill that will aid the finances of a large swathe of the country is a $1,400 tax rebate per person, paid in advance. These direct stimulus payments could begin showing up in bank accounts before the end of the month. But another provision would give families further tax credit for children. Biden’s American Rescue Plan will expand the child tax credit up to $3,600 per child.

Read the full story:

Marjorie Taylor Greene: "We should do everything to stop it"

Marjorie Taylor Greene, a Republican from Georgia has sent a tweet urging Republicans to support her motion to adjourn the House.

“The GOP has messaged against this ridiculous bill,” the extremist congresswoman said of the relief package.

“We should do everything to stop it. Pay attention if Rs vote to adjourn. Or with the Dems.”

White House adviser: Biden rescue plan is "humongous" because the pandemic is a "logistical nightmare"

CNN - White House senior adviser Cedric Richmond defended the size of President Joe Biden's $1.9 trillion rescue plan on Wednesday as the appropriate response given the scale of the health crisis. 

"It's a humongous package. No one is pretending $1.9 trillion is not a lot," Richmond said during the Yale CEO Caucus.

But Richmond, the former chair of the Congressional Black Caucus, pointed to the enormous challenge in vaccinating 300 million Americans. "It's a logistical nightmare," he said. 

"We went big because we thought it was a big problem. And we're going to go out now and educate people about the benefits of it so they can take part in it," Richmond said.

Biden signature needed after house passes bill

When the House passes the bill, it will be sent to President Biden to sign it. The president has said he intends to sign the legislation as soon as it reaches his desk.

If the House passes the bill as expected, it will mark Biden’s first major legislative victory as president, on his 50th day in office.

House likely to not pass the relief bill until 1 pm ET

Marjorie Taylor Greene has introduced a motion to adjourn the House.

The motion will force House members to return to the floor to take an extra vote in order to keep the chamber in session. Democrats are able to defeat the motion, but Greene will successfully delay the timing of the final vote on the bill for approximately an hour.

Voting is expected to begin on the $1.9 trillion dollar package around 12:30 pm. ET to 1 pm ET. 

Biden’s 50th day in office

President Biden marks his 50th day in office on Wednesday as his administration eyes a major milestone: final congressional passage of his massive $1.9 trillion coronavirus aid package.

The bill includes direct payments to millions of Americans and money to help the White House deliver on a number of Biden’s biggest campaign promises, like reopening schools and getting more Americans vaccinated.

75% of voters support Biden’s $1.9 trillion American Rescue Plan

According to a new poll, 75% of voters support President Biden’s $1.9 trillion American Rescue Plan, including 90% of Democrats, 71% of Independents and 59% of Republicans.

Vice President Kamala Harris: "More than 2 million women have left the workforce during this pandemic. We’ve got to get women back to work. The American Rescue Plan will do that."

Americans have already pocketed $1.5 trillion in savings

Private and public-sector economists have been marking up their growth estimates, with Morgan Stanley this week pegging 2021 economic output growth at 8.1%. The Organization for Economic Cooperation and Development on Tuesday predicted US growth would top 6% this year, up from an estimate of around 3% just three months ago.

US gross domestic product decreased 3.5% in 2020, the biggest drop since 1946, as the pandemic depressed consumer spending and business investment. Recovery began in the second half.

Americans have already pocketed $1.5 trillion in savings from the previous rounds of stimulus, and this one is coming as a rising portion of the population is finding it safer to resume activities such as dining out and traveling that have been off-limits for much of the past year, costing millions of service workers their jobs. (Reuters)

Democrats hold a 221-211 majority in the House

Although many Republicans supported coronavirus relief under former President Donald Trump's administration, they have balked at the price tag for the Democratic package. No Republican lawmaker voted for the bill in the House or Senate, although a Morning Consult/Politico poll last month showed that 76% of voters and 60% of Republican voters supported the measure.

Democrats hold a 221-211 majority in the House and, without Republican support, can afford to lose the votes of only a few of their members.]

In the February vote in the House, two Democratic lawmakers voted against it. One of them, Kurt Schrader, said he would now vote for the bill with the Senate changes.

Some Democratic lawmakers had criticized those changes, but Pramila Jayapal, head of the left-wing Congressional Progressive Caucus, has told reporters she thought members would back the legislation.

The massive spending push is seen as a major driver, coupled with a quickening pace of covid-19 inoculations and a slowing infection rate, in a rapidly brightening outlook for the nation's economy. (Reuters)

Republicans: Bill too costly

(Reuters) Republicans argue that the $1.9tn stimulus bill is too costly and comes as the worst phase of the largest public health crisis in a century may have passed.

Biden may not sign the bill until later in the week, while it goes through final checks, according to people familiar with the White House's plans.

The House is due to meet at 9 a.m. (1400 GMT) for two hours of debate before voting on the bill. The chamber last month passed an earlier version of the bill, but needs to meet again to approve changes made in the Senate over the weekend.

Congressional leaders do not expect a replay of the prolonged fights around earlier votes, which stretched past midnight in the House Rules Committee and went all night in the Senate in a session that ended on Saturday afternoon.

It is possible, however, that Republicans could delay proceedings on Wednesday. They could ask for a motion to send the bill back to a committee or a member could move to adjourn the House - a maneuver that right-wing Representative Marjorie

Taylor Greene has attempted three times since taking office in January.

US House set for final approval of $1.9 trillion covid-19 bill in early win for Biden

(Reuters) - President Joe Biden is poised on Wednesday for his first major legislative victory when the House of Representatives is expected to approve his $1.9 trillion covid-19 relief package, which forecasters predict will turbocharge the US economy.

The bill, one of the largest stimulus measures in American history, includes $400 billion for $1,400 direct payments to most Americans, $350 billion in aid to state and local governments, an expansion of the child tax credit and increased funding for vaccine distribution.

Biden and his fellow Democrats who narrowly control Congress have described the legislation as a critical response to a pandemic that has killed more than 520,000 and thrown millions out of work.

"This bill attacks inequality and poverty in ways we haven't seen in a generation," Democratic Representative Jim McGovern, who chairs the House Rules Committee, said on Tuesday before the House voted to advance the legislation.

US NEWS

Third stimulus check: what's the last step after relief bill passed by Senate?

What's the last step after the relief bill is passed by the Senate?

The $1.9tn coronavirus relief bill, including a third round of stimulus checks, was approved by the US Senate last Saturday. Now it has to pass a final round of voting in the House before landing on Joe Biden's desk for the attention of the presidential pen. That is expected to happen this week, with the gears of the IRS and the federal coffers moving into action shortly afterwards.

Read the full story:

Will you be eligible for a stimulus check?

One of the sticking points in the original text of the draft bill was eligibility for the new round of stimulus checks, with many lawmakers calling for a more targeted distribution compared to previous payments. 

An individual with an AGI of $80,000, a couple making $160,000, or a head of household earning $120,000 won’t see any stimulus money. This was a last-minute deal during the amendment stage to keep moderate Democrats, who wanted to more narrowly target the direct stimulus payments, on board.

STIMULUS CHECKS

Third stimulus check passed: when will it be sent out and how much?

After the Senate passed Joe Biden's stimulus bill last Saturday it will now pass back to the House for a final round of voting before it lands on the president's desk. 

Biden could sign it into law as early as 14 March, with the third round of stimulus checks to be sent out soon after with the first payments being issued by the IRS potentially in the week starting 22 March.

Read the full story:

Commentators sign up to Biden's modesty

The president's decision to distance himself from the expected round of $1,400 stimulus payments by electing not to add his name to the checks has been met with praise on social media.

Biden has stated the important thing is that the payments reach the tens of millions of US citizens in need of them, playing down his role in securing the fresh round of stimulus aid despite scoring what represents a solid win for his administration and his American Rescue Plan after Saturday's Senate vote. 

Global stocks rally on economic recovery hopes

Global stocks gained on Tuesday as hopes of a robust economic recovery bolstered confidence in riskier assets.

A pullback in US and European bond yields also buoyed equity markets.

In Europe, the Euro STOXX 600 shrugged off data showing a bigger than expected fall in fourth quarter euro zone economic output to rally 0.5%.

Germany's DAX leapt to its third record high in a week after a surprise rise in January exports.

The speedier rollout of covid-19 vaccines in some countries and the United States' planned $1.9 trillion stimulus package helped underpin a brighter global economic outlook, the Organisation for Economic Cooperation and Development said, as it raised its 2021 growth forecast to 5.6%.

"Conviction of a strong economic recovery is boosting risk sentiment and driving demand for riskier assets such as equities," said Sophie Griffiths, an OANDA market analyst.

"Yesterday's troubles of rising bond yields have been quashed, for now, and the US dollar is slipping lower."

Photo: Spencer Platt/Getty Images/AFP

Stocks market for stimulus boost from millennials

According to a study carried out by Deutsche Bank, a large number of young people in the US are planning to invest at least half of their stimulus checks in stock, per CNBC.

"A large amount of the upcoming US stimulus checks will probably find their way into equities,” Deutsche Bank said.

Among the youngest age group eligible, 18- to 24-year-olds involved in the survey planned to use around 40 percent of their stimulus checks on stocks.

Texas bins masks as state economy opens up

Texans awoke on Wednesday with a statewide mask mandate and occupancy restrictions in businesses lifted, a move some heralded as freedom and others as foolishness.

On paper, Texas' rollback of coronavirus mitigation efforts is the most sweeping seen in the United States, along with a similar measure in Mississippi. In practice, vast swaths of Texas have rarely enforced mask or occupancy mandates in the past year, anyway.

Several major retailers, grocery and restaurant chains in Texas said they would still require that masks be worn in their stores, which under Abbott's order relaxing restrictions is their right to do.

Still, some expected to see standoffs between maskless customers and store employees on Wednesday.

Texas was one of the first states to reopen its economy after the first wave of pandemic cases last May, and the nation's second most populous state led the way again last week when Governor Greg Abbott announced the relaxation amid declines in new daily covid-19 cases and with the rollout of vaccines.

As of Sunday, 18% of the US population had received at least one dose of a vaccine, according to the Centers for Disease Control.

The Texas Education Agency's guidance for public schools is for the continued use of masks, while nursing homes in the state will not loosen restrictions.

Businesses call for extension to Paycheck Protection Program

Banks and businesses have asked the Biden administration to consider an extension to the PPP scheme, the current iteration of which is due to expire on 31 March.

There is still some $120 billion in PPP funding left, with plans under the $1.9 trillion relief bill currently passing through Congress for a further $7 billion, but business owners have pointed out that many lenders, including JPMorgan Chase and Bank of America, are moving to close down their lending mechanisms this week ahead of the expiry of the original PPP provision.

CORONAVIRUS STIMULUS CHECKS

Third stimulus check: who voted for and against in the Senate?

Democratic House majority should see bill safely through

When the stimulus bill passes back to the House on Wednesday it should be pushed through with little opposition given the majority enjoyed by the Democrats in the lower chamber.

Things are a little tighter in the Senate, as the vote last Saturday showed, but if party lines are adhered to Joe Biden should have no problem in advancing his legaslitive agenda during his term.

That said, in the preliminary vote on the $1.9 trillion relief bill two Democrats, Kurt Schrader of Oregon and Jared Golden of Maine, broke ranks and voted against.

Even so, the Democratic majority in the House, unlike the Senate, is sufficient that a couple of dissenters in the final vote Wednesday will not derail the bill. In the first House vote, it passed 219-212, with all House Republicans voting against.

House readies final vote on $1.9 trillion covid-19 package

The House of Representatives could approve the Biden administration's $1.9 trillion covid-19 relief bill as early as Wednesday, with a vote allowing the Democratic president to sign the legislation into law later this week.

Approval of the package, which is one of the biggest US anti-poverty measures since the 1960s, would give Biden and the Democrats who control Congress a major legislative victory less than two months into his presidency.

"It's really just a matter of paperwork. But we are going to have a vote as soon as we can," Democratic Representative Katherine Clark, the assistant House speaker, told CNN.

The Senate, where Democrats have effective control, passed its version of the bill on Saturday after a marathon overnight session. The upper chamber of Congress eliminated or pared back some provisions in an original House bill, including an increase in the federal minimum wage to $15 an hour.

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

House Speaker Nancy Pelosi told reporters that lawmakers would "take it up Wednesday morning at the latest."

Democrats hold a very narrow majority in the House, meaning they cannot withstand many votes by their members against the bill.

Speaker of the House Nancy Pelosi (D-CA) arrives at a news conference ahead of the final House passage of the Biden administration's coronavirus relief bill on Capitol Hill in Washington.

REUTERS/Erin Scott

American Rescue Plan will also target covid-19

As well as the one-off stimulus check payments of $1,400 to US citizens, Biden's American Rescue Plan contains several mechanisms to get the ailing US economy back on track, including huge grants to states and local governments and a big investment in battling covid-19 with increased testing, vaccine distribution and money for hospitals. 

US stimulus to aid global recovery - OECD

The global economic outlook has brightened as covid-19 vaccine rollouts speed up in some countries and the United States launches a vast new stimulus package, the OECD said on Tuesday, hiking its forecasts.

The world economy is set to rebound this year with 5.6% growth and expand 4.0% next year, the Organisation for Economic Cooperation and Development said in its interim economic outlook.

That marked a sharp increase from its last outlook in early December, when the Paris-based policy forum forecast global growth of 4.2% this year and 3.7% next year.

But significant risks loom over the improved outlook, notably in the form of how fast authorities get vaccine shots to people, how soon restrictions are lifted and whether new variants of the coronavirus are kept in check.

"Not vaccinating fast enough risks undermining the fiscal stimulus that has been put in place," OECD chief economist Laurence Boone told an online news conference.

Singling out Europe for its slow rollout, she said government money injected into the economy risked ending up in consumers' savings if they cannot soon return to more normal lives.

Global gross domestic product was seen returning to pre-pandemic levels by the middle of this year, albeit with large divergences between countries.

"The pace of vaccinations is not fast enough to consolidate the recovery, we need to go much faster and we need to do much better," Boone said.

While the vaccine rollout would give a shot in the arm to the global economy, the United States' planned $1.9 trillion stimulus package would cascade down to other countries, adding more than a percentage point to global growth.

The US economy would grow 6.5% this year and 4.0% next year, the OECD said, ramping up its forecasts from expectations in December for 3.2% in 2021 and 3.5% in 2022.

The OECD estimated the package, which includes $400 billion in one-time payments of $1,400 to many Americans, would boost US output by around 3% to 4% on average in its first full year.

With public money flooding into the world's biggest economy, the package could lead to the creation of up to 3 million US jobs by the end of the year but could also increase inflation by 0.75 percentage points per year on average in the first two years.

Meanwhile, the stimulus would be a boon for the United States' major trading partners, boosting growth by 0.5-1 percentage points in Canada and Mexico, and between 0.25-0.5 in euro area and China, the OECD said.

Photo: EFE/EPA/JOHN G. MABANGLO

IRS direct deposit holders to be first in line

Meanwhile, the White House has said the first batch of stimulus checks will be dispatched to US citizens who have direct deposits set up with the IRS.

As to when the checks may start being sent out, Biden has said he will sign the bill into law "as soon as I receive it," which is expected to happen later this week.

From there, the first checks might start going out as of next week.

Biden won't sign name on stimulus checks

Joe Biden has confirmed via White House press secretary Jen Psaki that he will not be adding his signature to the "memo line" on the upcoming round of $1,400 stimulus checks like his predecessor Donald Trump. 

"This was not about him. This was about the American people getting relief," Biden said.

Ball back in House's court

After approval in the Senate, Joe Biden's American Rescue Plan is set to be handed back to the House for a final vote before being signed into law by the president. Democrats had hoped to have the bill signed and delivered before 14 March, when federal unemployment benefits were due to expire and according to Washington observers it could get the green light in the lower chamber as early as Wednesday.

US NEWS

Third stimulus check passed: when will Biden sign it?

The Senate passed the $1.9 trillion coronavirus relief package on Saturday after Democrats pulled together to push Biden's flagship legislation through. The question now is how quickly can the president sign the bill into law?

Read the full story:

Biden poised for first big win

The US president is expected to sign his $1.9 trillion stimulus relief plan into law this week pending final approval in the House of Representatives- approval that will doubtless be forthcoming. The speed with which the latest package has been pushed through both chambers is a huge boost for Biden, who has enjoyed a high approval rating since he moved in to the Oval Office.

During Donald Trump's presidency, when the Senate was controlled by the Republicans and the House by Democrats, debates on stimulus aid after the initial $2.2 trillion CARES Act was passed were torturous to say the least.

Biden's swift action and ability to get Democrats pulling in the same direction over the stimulus package will do those ratings no harm and gives the president a solid platform to push through the rest of his legislative plans moving forward. 

US NEWS

Third stimulus check: what's the last step after relief bill passed by Senate?

The $1.9tn coronavirus relief bill, including a third round of stimulus checks, was approved by the US Senate last Saturday. Now it has to pass a final round of voting in the House before landing on Joe Biden's desk for the attention of the presidential pen. That is expected to happen this week, with the gears of the IRS and the federal coffers moving into action shortly afterwards.

Here's a quick recap of what is likely to happen now.

Hello and a very warm welcome to our live coverage of the coronavirus relief bill progress and a proposed third round of stimulus checks on Wednesday 10 March, 2021.

Last Saturday,  the Senate passed the $1.9 trillion American Rescue Plan with with a narrow 50-49 vote. The bill must now go back to the House before it is ready for President Joe Biden to sign and according to Nancy Pelosi, the matter will go before the House today (10 March).