So Joe Biden is now president, and he’s main a Democrat-led Congress to go a $1.9 trillion in stimulus support. So deposits shall be arriving in your checking account any day, proper? Effectively, no. First comes the vote-a-rama. Right here’s the most recent as we head into the weekend:
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WHAT THE HELL IS A VOTE-A-RAMA?
The Senate pulled an all-nighter on Thursday to vote on over 700 amendments that GOP legislators connected to a stimulus support price range decision. They completed at 5:30 a.m. ET. (Mentioned Senate Majority Chief Chuck Schumer at 2 a.m.: “If we keep in our chairs, we’d make it by dawn. However we’ve actually acquired to cooperate right here.”)
THIS IS HOW OUR LEGISLATIVE SYSTEM WORKS? REALLY?
Sure. This vote-a-rama factor was not, really, a vote on the $1.9 trillion stimulus invoice, which might have required 60 votes to go. Somewhat, it was a $1.9 trillion price range decision, which solely requires 51 votes to go, and now paves the best way for Democrats to push via $1.9 trillion in coronavirus aid with none Republican votes. Subsequent comes the price range reconciliation course of, the place committees will draft laws to meet the permitted price range.
WHAT’S THE HOUSE DOING?
Identical identical. Home lawmakers handed a related budget measure on Wednesday.
SO HOW MUCH MONEY IS COMING MY WAY?
Nothing is written in stone, nevertheless it’s trying like:
- $400 per week in further, federal unemployment via September
- $1,400 stimulus checks
- There’s additionally hire and utility help from a $30 billion fund, and a grant program for eating places.
- An effort to boost minimal wage to $15 an hour failed.
WILL BENEFITS EXPIRE BEFORE THIS TAKES HOLD?
Democrats are on track to forestall that. The present weekly $300 federal unemployment profit expires on March 14.
SO WHEN WILL I GET PAID?
March 14 is an affordable estimate of once you may see funds arriving, since hundreds of thousands will be unable to pay their payments if there’s a niche in unemployment. That stated, price range reconciliation entails many transferring components, egos, committees, and state cost methods, so something may occur.
I THOUGHT STUDENT LOAN FORGIVENESS WAS PART OF THIS?
Biden was criticized for not together with pupil mortgage forgiveness in his stimulus invoice proposal. This week top Democrats proposed a separate plan to forgive $50,000 of federal pupil mortgage debt per particular person, which might cancel out the debt of 80% of federal pupil mortgage debtors. Keep tuned on that, and this. Cash is nearly on the best way.
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