After the House of Representatives approved President Joe Biden's $1.9 trillion COVID-19 relief bill, it is being transferred to the Senate. The legislation passed by the House the previous week involves $1,400 stimulus checks for individuals earning up to $75,000 per year and married couples earning up to $150,000 per year.
Third Stimulus Checks to Proceed to Senate
The package was approved on Saturday along party lines. All but two Democrats voted in favor. It will now be taken up by the Senate, where it will face more resistance. However, Senate Majority Leader Chuck Schumer has pledged to pass it as soon as possible, but first, he must keep the party in unison in support of the bill.
Schumer is vowing that lawmakers will meet a deadline in the middle of March. President Biden said that there is no time to waste, reported Yahoo News.
The $1,400 stimulus check is all but certain. The date it could come to people is anything but determined. Right now, we are hearing that the Senate could pick up the $1.9 trillion coronavirus relief package as soon as Wednesday, reported CNET.
With the bill now up to the Senate, lawmakers are discussing making alterations to the legislation that passed the House. According to Democratic Sen. Robert Menendez after the House vote, "We must move swiftly and pass it in the Senate. The people need help now," reported NJ.
President Joe Biden has been vowing to provide meaningful relief to the public as one of his first actions in office. Now, it appears it is becoming closer to fruition.
According to a New York Times poll, 72% of Americans support the COVID-19 relief plan. But until the Senate passes the most recent bill and Biden signs it, the third stimulus check amount and eligibility are open for negotiation.
The new plan has a more hasty phase-out than in earlier proposals. It caps payments at $100,000 for individuals and $200,000 for couples. The bill would also extend the child tax credit for couples to $3,600 per child under six years old and $3,000 for children from six to 17 years old.
The legislation is Biden's first major agenda item. It is a sprawling relief package aimed at amping up vaccine distribution, stabilizing the economy, and providing millions of Americans with $1,400 stimulus checks. The package comes less than three months after Congress passed a $900 billion COVID-19 relief plan.
If events escalate to go as planned, you could have more money to take care of bills, pay down debt, invest, build up your emergency savings, or just splurge within a matter of weeks. However, a few potential roadblocks remain.
As the Senate picks it up, it would kick-start the process of debating the contents of the bill, including the contentious $15 minimum wage hike and any details about the third stimulus check or the $400 federal unemployment insurance or that comes up. Any delay during this process could also delay your payment.
The bill that will emerge from the Senate will be altered compared to the one the House sent the chamber. A number of senators have already discussed making changes. There will be other amendments as the bill winds its way through the various committees.