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Senate Passes $1.9 Trillion Covid-19 Relief Bill On Party-Line Vote

After a marathon overnight session and lots of political maneuvering, the U.S. Senate on Saturday passed President Joe Biden’s $1.9 trillion COVID-19 relief plan in a party-line vote.

What Happened: The Senate voted 50-49, with no Republicans’ support. Republicans had called for a smaller package over concerns that the amount of stimulus will stoke inflation.

Now the legislation includes:

  • $1,400 stimulus checks
  • $300-per-week jobless benefits through the summer
  • $3,600 child allowance  for one year
  • $350 billion for state aid
  • $34 billion to expand Affordable Care Act subsidies
  • $14 billion for vaccine distribution

The bill is expected to be passed by the House and signed by Biden before unemployment benefits expire on March 14. The bill featured a measure to more than double the minimum wage to $15 per hour, which the Senate also rejected.

The bill had set the supplemental jobless benefit at $400 a week, but Senate Democrats finally agreed to bring that down to $300 per week.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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