Group items tagged

A more effective approach, experts say, would have raised unemployment insurance benefits to the jobless by $600 a week, matching the supplement under the stimulus package Congress passed last spring, rather than the $300 weekly subsidy the new legislation provides. Democrats had pushed for larger payments to the jobless and included it in legislation that passed the House, which they control. But the measure met stiff resistance from Republicans, who control the Senate, and was not included in the final compromise bill.

A study released in August by three economists, Olivier Coibion, Yuriy Gorodnichenko and Michael Weber, found that recipients of the $1,200 payments sent out under the CARES Act last spring largely held off on spending the money. Only 15 percent of people said they had spent it, or planned to spend it. Most said they would save the cash or use it to pay down debt..css-fk3g7a{font-family:nyt-franklin,helvetica,arial,sans-serif;font-weight:700;font-size:0.875rem;line-height:1.125rem;color:#121212 !important;}@media (min-width:740px){.css-fk3g7a{font-size:0.9375rem;line-height:1.25rem;}}.css-rqynmc{font-family:nyt-franklin,helvetica,arial,sans-serif;font-size:0.9375rem;line-height:1.25rem;color:#333;margin-bottom:0.78125rem;}@media (min-width:740px){.css-rqynmc{font-size:1.0625rem;line-height:1.5rem;margin-bottom:0.9375rem;}}.css-rqynmc strong{font-weight:600;}.css-rqynmc em{font-style:italic;}.css-akgeos{margin-bottom:15px;font-family:nyt-franklin,helvetica,arial,sans-serif;font-size:0.75rem;line-height:1rem;color:#787878;}@media (min-width:740px){.css-akgeos{font-size:0.8125rem;line-height:1.125rem;}}.css-110ouu6{margin:10px auto 5px;font-family:nyt-franklin,helvetica,arial,sans-serif;font-weight:700;font-size:1.125rem;line-height:1.3125rem;color:#121212;}@media (min-width:740px){.css-110ouu6{font-size:1.25rem;line-height:1.4375rem;}}#NYT_BELOW_MAIN_CONTENT_REGION .css-110ouu6{font-weight:700;font-size:1.375rem;line-height:1.75rem;margin-bottom:5px;}@media (min-width:740px){#NYT_BELOW_MAIN_CONTENT_REGION .css-110ouu6{font-size:1.5rem;line-height:1.875rem;}}.css-121grtr{margin:0 auto 10px;}.css-16ed7iq{width:100%;display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;-webkit-box-pack:center;-webkit-justify-content:center;-ms-flex-pack:center;justify-content:center;padding:10px 0;background-color:white;}.css-pmm6ed{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;}.css-pmm6ed > :not(:first-child){margin-left:5px;}.css-5gimkt{font-family:nyt-franklin,helvetica,arial,sans-serif;font-size:0.8125rem;font-weight:700;-webkit-letter-spacing:0.03em;-moz-letter-spacing:0.03em;-ms-letter-spacing:0.03em;letter-spacing:0.03em;text-transform:uppercase;color:#333;}.css-5gimkt:after{content:'Collapse';}.css-rdoyk0{-webkit-transition:all 0.5s ease;transition:all 0.5s ease;-webkit-transform:rotate(180deg);-ms-transform:rotate(180deg);transform:rotate(180deg);}.css-eb027h{max-height:5000px;-webkit-transition:max-height 0.5s ease;transition:max-height 0.5s ease;}.css-6mllg9{-webkit-transition:all 0.5s ease;transition:all 0.5s ease;position:relative;opacity:0;}.css-6mllg9:before{content:'';background-image:linear-gradient(180deg,transparent,#ffffff);background-image:-webkit-linear-gradient(270deg,rgba(255,255,255,0),#ffffff);height:80px;width:100%;position:absolute;bottom:0px;pointer-events:none;}#masthead-bar-one{display:none;}#masthead-bar-one{display:none;}.css-6s5quk{background-color:white;max-width:600px;width:calc(100% - 40px);margin:1.5rem auto 1.9rem;}@media (min-width:740px){.css-6s5quk{width:100%;margin:40px auto;}}.css-6s5quk:focus{outline:1px solid #e2e2e2;}#NYT_BELOW_MAIN_CONTENT_REGION .css-6s5quk{padding:0;max-width:600px;margin-right:auto;margin-left:auto;}.css-6s5quk[data-truncated] .css-rdoyk0{-webkit-transform:rotate(0deg);-ms-transform:rotate(0deg);transform:rotate(0deg);}.css-6s5quk[data-truncated] .css-eb027h{max-height:300px;overflow:hidden;-webkit-transition:none;transition:none;}.css-6s5quk[data-truncated] .css-5gimkt:after{content:'See more';}.css-6s5quk[data-truncated] .css-6mllg9{opacity:1;}.css-1crgp49{border:1px solid #e2e2e2;padding:15px;margin:0 auto;overflow:hidden;}@media (min-width:600px){.css-1crgp49{padding:20px;}}#NYT_BELOW_MAIN_CONTENT_REGION .css-1crgp49{border-top:1px solid #121212;border-bottom:none;border-left:none;border-right:none;padding:20px 0 0;}.css-1crgp49 strong{font-weight:700;}.css-1crgp49 em{font-style:italic;}.css-1crgp49 a{color:#326891;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccd9e3;}.css-1crgp49 a:visited{color:#333;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ddd;}.css-1crgp49 a:hover{border-bottom:none;}The Second StimulusAnswers to Your Questions About the Stimulus BillUpdated Dec 30, 2020The economic relief package will issue payments of $600 and distribute a federal unemployment benefit of $300 for at least 10 weeks. Find more about the measure and what’s in it for you. For details on how to get assistance, check out our Hub for Help.Will I receive another stimulus payment? Individual adults with adjusted gross income on their 2019 tax returns of up to $75,000 a year will receive a $600 payment, and a couple (or someone whose spouse died in 2020) earning up to $150,000 a year will get twice that amount. There is also a $600 payment for each child for families who meet those income requirements. People who file taxes using the head of household status and make up to $112,500 also get $600, plus the additional amount for children. People with incomes just above these levels will receive a partial payment that declines by $5 for every $100 in income.When might my payment arrive? The Treasury Department said on Dec. 29 that it had started making direct deposit payments, and would begin to mail checks the next day. But it will be a while before all eligible people receive their money.Does the agreement affect unemployment insurance? Lawmakers agreed to extend the amount of time that people can collect unemployment benefits and restart an extra federal benefit that is provided on top of the usual state benefit. But instead of $600 a week, it would be $300. That will last through March 14.I am behind on my rent or expect to be soon. Will I receive any relief? The agreement will provide $25 billion to be distributed through state and local governments to help renters who have fallen behind. To receive assistance, households will have to meet several conditions: Household income (for 2020) cannot exceed more than 80 percent of the area median income; at least one household member must be at risk of homelessness or housing instability; and individuals must qualify for unemployment benefits or have experienced financial hardship — directly or indirectly — because of the pandemic. The agreement said assistance will be prioritized for families with lower incomes and that have been unemployed for three months or more.Of course, some of the money flowing into the economy could soon reach those who need it most. And it will provide a financial cushion even for middle-class families who are secure by most measures but remain on edge from the turbulence of 2020.

“In no way am I rich,” she said. “But I feel like my $600 would make a bigger impact on someone who has been dealing with struggles far worse than I have during this pandemic.”

This may be the singular tragedy of the Obama administration. Five years later, it is clear to all fair-minded economists that the stimulus did work, and that it did enormous good for the economy and for tens of millions of people. But because it fell short of its goals, and was roundly ridiculed by Republicans and inadequately defended by Democrats, who should have trumpeted its success, the president’s stimulus plan is now widely considered a stumble.

This enabled Republicans to champion an austerity policy that produced deep reductions in discretionary spending, undoing many of the gains begun in 2009. The result has been a post-stimulus recovery that remains weak and struggling, undermining an economic legacy that should be seen as a remarkable accomplishment.

The legacy of that policy, detailed by the White House last week in its final report on the effects of the stimulus, affects virtually every American who drives, uses mass transit, or drinks water. It improved 42,000 miles of road, fixed or replaced 2,700 bridges, and bought more than 12,000 transit vehicles. It cleaned up water supplies, created the school reforms of the Race to the Top program, and greatly expanded the use of renewable energy and broadband Internet service.

its assessment echoes the views of many independent economists and the independent Congressional Budget Office. “The Recovery Act was not a failed program,” the C.B.O.’s director, Douglas Elmendorf, told annoyed Republican lawmakers in 2012. “Our position is that it created higher output and employment than would have occurred without it.”

Biden's relief proposal now shifts to Congress, where it may change substantially as Democratic leaders transform it into a bill. They must decide whether they want to use a special legislative process called reconciliation, which would require only a simple majority of votes to pass the Senate -- eliminating the need for Republican support -- but would limit the provisions that could be included. Also, reconciliation also be used only sparingly each year.

In his speech Thursday night, Biden said he would like to work with members of both parties to enact his American Rescue Plan, indicating that he wants to go the traditional route, which would require the backing of at least 10 Republican senators.

Whatever leaders decide, the effort is expected to have an easier time passing in the House -- which approved a $3 trillion relief package last May that contained measures similar to those in Biden's plan -- even though Democrats now hold a slimmer majority there.

In coming weeks, senators will have their hands full with President Donald Trump's impeachment trial and with voting on the President-elect's Cabinet nominees, none of whom have been confirmed yet.

Democratic Rep. Alexandria Ocasio-Cortez of New York told The Washington Post on Thursday that people should get an additional $2,000 in stimulus checks on top of the $600 they received as part of the $900 billion relief package lawmakers passed last month -- more than the $1,400 top-off payment Biden is suggesting.

One of those senators is Joe Manchin, a moderate Democrat from West Virginia. He has recently expressed doubts over providing $2,000 in stimulus payments, preferring a more targeted approach.

President-elect Joe Biden unveiled a $1.9 trillion relief package Thursday that included more stimulus payments and other direct aid, but don't expect to see those funds in your bank account anytime soon.

The ratio of job openings to unemployed workers remains high and, outside the affected sectors, wage growth has not fallen much.

economic disruption appears concentrated in certain sectors, rather than spread widely.

If job creation were to return to the average pace achieved between June and November 2020, the pre-pandemic peak in employment would be reconquered in less than a year.

But if people instead regard these excess savings as delayed income, then the cash hoard represents stimulus that has not yet gone to work, to be unleashed when the economy fully reopens.

total fiscal stimulus in 2020 amounted to almost $3trn (about 14% of GDP in 2019)

a government-backed housing-finance firm, by mid-December Americans had accumulated about $1.6trn in excess savings.

economists typically assume that households are much less likely to spend wealth windfalls (such as the gains from a rise in the stockmarket) than income.

And stimulus has more than made up the disruption to incomes in 2020

Mr Biden’s proposed $1.9trn of stimulus, which includes another $1,400 in cheques, would make the total fiscal boost in 2021 roughly equal to that in 2020.

Typically, Keynesians argue that fiscal stimulus boosts the economy because of a sizeable “multiplier” effect. But the case for the stimulus to be as large as Mr Biden’s proposal “has to be that you think the multiplier in 2021 is really small”,

it seems destined to take total spending in the economy beyond what it can produce next year, resulting in a burst of inflation.

Indeed, since January 6th, when the Democrats won the crucial Senate seats in Georgia that might allow them to pass a big stimulus, the ten-year Treasury yield has risen from about 0.9% to around 1.1%.

bond investors have been expecting higher real interest rates, rather than just higher inflation.

Mr Powell says the Fed has learned the lessons of 2013, when its hints that it might taper asset purchases sent bond markets into a tizz.

It is unclear whether policymakers are committed to “average inflation targeting” as an end in itself, or simply as a means to stop inflation expectations from slipping too much during the downturn,

the assumption of cheap money that underpins today’s sky-high asset prices and the sustainability of rocketing public debt might begin to unravel.

The most likely outcome is that Congress agrees on a smaller stimulus than Mr Biden has proposed, and that overheating, if it occurs, proves temporary.

nobody really knows how fast the economy can grow without setting off inflation.

The one-year credit appears likely to garner enough support to be included in the stimulus package, but it will also have to clear a series of tough parliamentary hurdles because of the procedural maneuvers Democrats are using to muscle the stimulus package through, potentially without Republican support.

Ms. Yellen said that passing the stimulus package could allow the economy to reach full employment by next year. Failing to do so, she said, could leave the jobless rate elevated for years to come.

But the child tax credit could provide an opportunity for some bipartisan support, since Senator Mitt Romney, Republican of Utah, introduced a similar measure that would send payments of up to $1,250 per month to families with children.

Janet L. Yellen, the Treasury secretary, warned on Sunday that the United States labor market was stalling and in a “deep hole” that could take years to emerge from if lawmakers did not quickly pass the stimulus package.

With House Democratic leadership aiming to have the stimulus legislation approved on the chamber floor by the end of the month, Congress moved last week to fast-track Mr. Biden’s stimulus plan even as details of the legislation are still being worked out.

Researchers at Columbia University found that Mr. Biden’s overall stimulus proposal could cut child poverty in half in 2021 because of the expansion of the child credit, as well as other changes to tax credits and expansions of unemployment and food assistance benefits.

It's likely that Americans would receive the stimulus payments faster this time around because more of them file electronically and provide the IRS with their bank information, Gleckman said. Some 88% of individual returns were filed electronically in 2018, compared to 58% in 2008.But there are other factors that may slow the process. Even absent the coronavirus challenges, the agency is working with a smaller budget and less staff than it had in 2010. Now, because of the coronavirus, the agency has shut down its in-person taxpayer assistance centers located across the country at a time when people are sure to have questions about the emergency checks and other changes. Treasury announced last week that it is pushing back the tax return deadline to July 15. Additionally, Congress created a new tax credit designed to refund businesses that are offering their employees coronavirus-related paid leave.

First, the IRS will have to calculate each person's payment amount. Then, it will need the correct direct deposit information or mailing addresses. To get the money to people who don't usually file tax returns, it might have to request that information from the Social Security Administration or Veterans Affairs. In 2008, those people were required to file a return anyway in order to get their rebate.Meanwhile, the IRS will inevitably be fielding calls from Americans concerned about when their check will arrive and whether they took all the necessary steps to receive the money.

Later in 2008, after the economic stimulus checks were sent out, Olson testified before Congress, telling lawmakers that they should fund a new unit within the agency that would be dedicated to facilitating new and emergency initiatives. She argued that it would free up other employees to focus on improving the existing systems and executing the day-to-day work of the agency -- but that never happened.

The insurrection left several people dead and hundreds of people have been charged in connection to the events of Jan. 6.

"We’ve moved from just plain old fringe, extremist rants to fringe extremist and racist rants," Pocan said.

FBI Director Christopher Wray said at a Senate Judiciary Committee hearing that there is "no evidence" Antifa had any role in the insurrection. MOST READ IRS partially shields some stimulus payments from debt reductions MAGA voters discovered a new home online. But it isn't what it seems. Newsom says California recall likely to qualify, tries to soften Feinstein stance McCarthy decries ‘political stunt’ after troops visit lawmaker’s office An unlikely Trump turncoat shows the GOP way to resist his influence

Johnson also has pushed the conspiracy theory that outside provocateurs were part of the riots, a claim Trump backers have often made.

It’s like political phantom limbs. He doesn't have the same political infrastructure he did three months ago as president,” added GOP strategist Matt Gorman, who previously served as communications director for the National Republican Congressional Committee.

Instead, Trump has maintained close ties to GOP officials who have committed to supporting incumbents, stayed almost entirely out of the spotlight, delivered fairly anodyne remarks the one time he emerged, and offered only sparse criticism of his successor, Joe Biden.

Trump has gone from threatening party bodies for using his name and likeness in their fundraising efforts to offering up his Mar-a-Lago estate as a host site for part of the Republican National Committee’s spring donor retreat. He savagely attacked veteran GOP operative Karl Rove for criticizing his first post-presidency speech at the annual Conservative Political Action Committee, and endorsed Sen. Jerry Moran (R-Kan.), who repeatedly scrutinized Trump’s own trade practices while in office.

In his role as chairman of the National Republican Senatorial Committee, Scott has promised to stick by GOP incumbents — including Alaska Sen. Lisa Murkowski, who voted to convict Trump in his Senate trial last month on charges of inciting an insurrection. The Florida Republican said he had a “great meeting” with Trump in a tweet he shared Friday.

“For any normal politician, it would look like he’s trying to have it both ways but really he’s trying to have it his way,” said a former Trump White House official. “He only cares about maintaining his power and his stranglehold over the Republican Party and it doesn’t matter to him how any of the moves he makes affect the long-term success of institutions or individuals other than himself.”

He continues to hold court on the patio of his Mar-a-Lago resort where he is greeted by a standing ovation from members when he and the former first lady walk by. He spends his days monitoring the news, making calls and playing golf at his eponymous club just a few miles away.

But the factions that have already formed among those surrounding him suggest potential turbulence ahead. Three veterans of Trump’s 2020 campaign — Brad Parscale, Bill Stepien and Justin Clark — have been screening primary recruitments and brainstorming ways to reestablish his online presence, while Dave Bossie and Corey Lewandowski are in talks with the ex-president to launch a new fundraising entity on his behalf, according to people briefed on the recent discussions.

One former administration official who has been in contact with Trump described him as a “pinball,” noting that his tendency to abruptly change directions or seize on a new idea after speaking with a friend or outside adviser — a habit that often frustrated aides during his time in office — has carried into his post-presidency life.

The fear among Republicans is that Trump’s indecisiveness will extend to his personal political future as well. Trump has continued to dangle a 2024 run over the party, and the will-he-won’t-he guessing game has held presidential hopefuls in limbo. MOST READ IRS partially shields some stimulus payments from debt reductions MAGA voters discovered a new home online. But it isn't what it seems. Newsom says California recall likely to qualify, tries to soften Feinstein stance McCarthy decries ‘political stunt’ after troops visit lawmaker’s office An unlikely Trump turncoat shows the GOP way to resist his influence

But stripped of a social media platform like Twitter, the former president has had to rely on issuing statements — some mimicking the tone and length of his past tweets — via his post-presidency office or political PAC press lists. So far, he’s issued more than two dozen endorsements and statements since leaving the White House. The more recent ones have bashed Senate Minority Leader Mitch McConnell and sought credit for the current Covid-19 vaccine distribution.

When I was talking to the president this morning… he’s like, ‘Yeah, she’s no good. I said that and now everybody’s seeing it. But you realize if you say anything negative about Meghan Markle you get canceled. Look at Piers,’” Miller said, recounting his conversation with Trump, who had been referring to Piers Morgan, the polarizing “Good Morning Britain” host who parted ways with the show this week after dismissing Markle’s revelations as lies.

But so far, many of his recent political maneuverings have been met with a shrug by the GOP. Trump’s public tussle with the Republican Party over fundraising and the use of his name and likeness in appeals for money appeared to fizzle out after attorneys for the Republican National Committee denied Trump’s cease-and-desist demands. By week’s end, the RNC was not only still using Trump’s name in fundraising solicitations, it was offering him up as an enticement.

The Senate is expected to amend the House bill on the $1,400-per-person stimulus payments to tighten eligibility.

Individuals earning less than $75,000 a year and married couples earning less than $150,000 will receive $1,400 per person, including children. That will get money to about 90% of households.

The checks will phase out faster than previous rounds, completely cutting off individuals who earn more than $80,000 a year and married couples earning more than $160,000 -- regardless of how many children they have.

Unlike the previous two rounds, adult dependents -- including college students -- are expected to be eligible for the payments

In an effort to combat poverty, it would expand the child tax credit to $3,600 for each child under 6 and $3,000 for each child under age 18. Currently, qualifying families can receive a credit of up to $2,000 per child under age 17.

Out-of-work Americans will start running out of Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation benefits in mid-March, when provisions in December's $900 billion relief package begin phasing out. The $300 enhancement also ends in mid-March.

The parliamentarian ruled in late February that increasing the hourly threshold does not meet a strict set of guidelines needed to move forward in the reconciliation process, which would allow Senate Democrats to pass the relief bill with a simple majority and no Republican votes.The House legislation would increase the federal minimum wage to $15 an hour by 2025 in stages. It would also guarantee that tipped workers, youth workers and workers with disabilities are paid the full federal minimum wage.

The legislation would provide $350 billion to state and local governments, as well as tribes and territories. States and the District of Columbia would receive $195.3 billion, while local governments would be sent $130.2 billion to be divided evenly between cities and counties. Tribes would get $20 billion and territories $4.5 billion.

The House plan would extend the 15% increase in food stamp benefits through September, instead of having it expire at the end of June.It also contains $880 million for the Special Supplemental Nutrition Program for Women, Infants, and Children, known as WIC, to help increase participation and temporarily improve benefits, among other measures. Biden called for investing $3 billion in the program.

The legislation would send roughly $19.1 billion to state and local governments to help low-income households cover back rent, rent assistance and utility bills. About $10 billion would be authorized to help struggling homeowners pay their mortgages, utilities and property taxes. It would provide another $5 billion to help states and localities assist those at risk of experiencing homelessness.

Some senators were looking to make some changes to the House bill, including reducing the federal boost to unemployment benefits to $300 a week and extending the duration of pandemic jobless programs by another month. But these efforts have not progressed.The House bill calls for extending two key pandemic unemployment programs through August 29. It would also increase the federal weekly boost to $400, from the current $300, and continue it for the same time period.

Unlike Biden's proposal, the House bill would not reinstate mandatory paid family and sick leave approved in a previous Covid relief package. But it does continue to provide tax credits to employers who voluntarily choose to offer the benefit through October 1.

The bill would provide nearly $130 billion to K-12 schools to help students return to the classroom. Schools would be allowed to use the money to update their ventilation systems, reduce class sizes to help implement social distancing, buy personal protective equipment and hire support staff. It would require that schools use at least 20% of the money to address learning loss by providing extended days or summer school, for example.

The House bill now includes nearly $40 billion for colleges. Institutions would be required to spend at least half the money to provide emergency financial aid grants to students.

The bill would also provide $39 billion to child care providers. The amount a provider receives would be based on operating expenses and is available to pay employees and rent, help families struggling to pay the cost, and purchase personal protective equipment and other supplies.

Enrollees would pay no more than 8.5% of their income towards coverage, down from nearly 10% now. Also, those earning more than the current cap of 400% of the federal poverty level -- about $51,000 for an individual and $104,800 for a family of four in 2021 -- would become eligible for help.

The bill would provide $15 billion to the Emergency Injury Disaster Loan program, which provides long-term, low-interest loans from the Small Business Administration. Severely impacted small businesses with fewer than 10 workers will be given priority for some of the money. It also provides $25 billion for a new grant program specifically for bars and restaurants. Eligible businesses may receive up to $10 million and can use the money for a variety of expenses, including payroll, mortgage and rent, utilities and food and beverages.

The House bill provides $14 billion to research, develop, distribute, administer and strengthen confidence in vaccines. It would also put $46 billion towards testing, contact tracing and mitigation, including investing in laboratory capacity, community-based testing sites and mobile testing units, particularly in medically underserved areas.It would also allocate $7.6 billion to hire 100,000 public health workers to support coronavirus response.The legislation also provides $50 billion to the Federal Emergency Management Agency, with some of the funds going toward expanding vaccination efforts.The President's plan called for investing $20 billion in a national vaccination program.

“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,” Mr. Biden said in a statement. He said he looked forward to signing what he called a “historic piece of legislation” on Friday at the White House.

While Republicans argued the plan, whose final cost was estimated at $1.856 trillion, was bloated and unaffordable, surveys indicate that it has widespread support among Americans, with 70 percent of Americans favoring it in a Pew Research Center poll released this week.

Democrats fast-tracked their own measure through the House and Senate without pausing to court Republican support. They stayed remarkably united in doing so, with just one Democrat, Representative Jared Golden of Maine, voting against the final measure.

“This is the most consequential legislation that many of us will ever be a party to,” Speaker Nancy Pelosi of California said at a news conference after the bill’s passage. “On this day, we celebrate because we are honoring a promise made by our president, and we join with him in promising that help is on the way.”

“I’m not going to vote for $1.9 trillion just because it has a couple of good provisions,” he later told reporters.

Economists widely agree that the $787 billion stimulus law that resulted, which attracted scant Republican support anyway, was too small to address the crisis, and Democrats lost the House in the following midterm elections.

“The American people are going to see an American comeback this year,” said Senator Mitch McConnell of Kentucky, the minority leader, “but it won’t be because of this liberal bill.”

The stimulus payments would be $1,400 for most recipients.

Buying insurance through the government program known as COBRA would temporarily become a lot cheaper. COBRA, for the Consolidated Omnibus Budget Reconciliation Act, generally lets someone who loses a job buy coverage via the former employer. But it’s expensive: Under normal circumstances, a person may have to pay at least 102 percent of the cost of the premium. Under the relief bill, the government would pay the entire COBRA premium from April 1 through Sept. 30. A person who qualified for new, employer-based health insurance someplace else before Sept. 30 would lose eligibility for the no-cost coverage. And someone who left a job voluntarily would not be eligible, either.

There would be a big one for people who already have debt. You wouldn’t have to pay income taxes on forgiven debt if you qualify for loan forgiveness or cancellation — for example, if you’ve been in an income-driven repayment plan for the requisite number of years, if your school defrauded you or if Congress or the president wipes away $10,000 of debt for large numbers of people. This would be the case for debt forgiven between Jan. 1, 2021, and the end of 2025.

The European Central Bank took small steps Thursday toward phasing out its extraordinary support measures for the economy, but made it clear the recovery still needs backing from the bank despite its growing strength.

It would also raise returns on savings accounts and bank CDs and make them more attractive relative to stocks and riskier investments

Evidence is piling up that growth in the eurozone has kicked into a higher gear and the region is recovering from the Great Recession and the ensuing crisis over high debt that pushed some eurozone countries, notably Greece, to the brink of bankruptcy. Earlier Thursday, the Eurostat statistics agency revised figures for first-quarter growth up to 0.6 percent from 0.5 percent.

The central bank's statement kept important wording that its bond-buying stimulus program could be stepped up if the economic outlook worsens. While few expect that to happen, the words underline that the bank is not yet willing to call time on the stimulus program.

The provisions would cut the poverty rate among Black Americans by 38%, Hispanic Americans by 43% and White and Asian Americans by around 24%

In total, 16 million fewer people will be living in poverty in 2021

But there's one big catch. The benefits are all temporary -- a mix of one-time infusions and assistance that lasts no longer than a year.

"Getting this far is a huge win and a sign of progress in the conversation, as well as immediately putting money in people's pockets," said Elizabeth Lower-Basch, director of the income and work supports team at The Center for Law and Social Policy, a left-leaning group.

"I certainly don't think it's a done deal, but I think there's a lot more opportunity than there has been in the time that I've been working on these issues," she continued.

The enhanced portion of the credit will be available for single parents with annual incomes up to $75,000 and joint filers making up to $150,000 a year.

The key change is that the tax credit will become fully refundable so that more low-income parents could take advantage of it.

Families can receive a credit of $3,600 for each child under 6 and $3,000 for each one under age 18, up from the current credit of up to $2,000 per child under age 17.

It provides direct payments worth up to $1,400 per person to married couples earning less than $160,000 a year, heads of households making less than $120,000 and individuals with incomes below $80,000.

Those who have lost their jobs will continue to receive federal support through September 6. The relief package extends the $300 weekly boost to unemployment benefits and two key pandemic jobless benefits programs.

The bill also calls for making the first $10,200 of unemployment payments tax-free for households with annual incomes under $150,000.

Food stamp recipients will see a 15% increase in benefits continue through September, instead of having the enhancement expire at the end of June.

This amounts to about $25 more per person per month, or just under $100 per month for a family of four.

The package nearly triples the maximum credit childless workers can receive to $1,502, up from $543.

The minimum age to claim the childless credit will be reduced to 19, from 25, and the upper age limit will be eliminated.

This is the largest expansion to earned income tax credit since 2009.

The legislation's approval in the House came after Trump signed a sweeping coronavirus relief bill into law Sunday evening. That measure, which was negotiated on a bipartisan basis, provides for $600 in direct payments, but after a deal was brokered and passed out of Congress

"This proposal is a shot-gun approach," the South Dakota Republican said, adding, "If you really want to help people who need this the most at a time when we are running a $26 trillion debt borrowing every penny that we're making available to do this, we ought to sit down and figure out the most efficient, effective, targeted way possible. This absolutely does not do that."

Sanders this time tried to convince Republicans not to object by also calling for a vote on McConnell's alternative bill, which would combine increased direct payments with a repeal of the online liability protections known as Section 230 and the establishment of a commission to study voter fraud, for which there has been no evidence.

Hawley reminded senators that Trump backs $2,000 checks, expressing frustration it hasn't come up for a vote. "The President of the United States said that's the level he supported ... this is the number he has asked for .. and yet we can't even seem to get a vote on it."

"A mother in Virginia wrote: $2,000 means I can afford to feed my three kids. Now maybe we should give her a long lecture on macroeconomics and how well the stock market is doing,"

"These are working people. ... and all that they ask for, as I have said many times on this floor before, is a chance to get back up on their feet and be able to provide for their families, and I can't for the life of me understand why we cannot get so much as a vote on these bills," Hawley said.

Mr. McCarthy sought to equate the progressive policies in the bill with socialism, and said “House Democrats have abandoned any pretense of unity.”

The bill that will go before the House on Wednesday differs in notable ways from the legislation that the chamber initially approved last month. It no longer contains an increase to the federal minimum wage, which Mr. Biden had proposed and House Democrats had included in their bill, but the Senate omitted.

The bill, which cleared the Senate on Saturday, would send direct payments of up to $1,400 to many Americans and extend a $300-per-week federal unemployment benefit until early September. It would provide funding for states and local governments as well as for schools to help them reopen. The bill also contains money for coronavirus testing, contact tracing and vaccine distribution.

Mr. Biden is expected to sign the bill Friday. All but one Democrat, Representative Jared Golden of Maine, voted in favor.

Congress gave final approval on Wednesday to President Biden’s sweeping, nearly $1.9 trillion stimulus package, as Democrats acted over unified Republican opposition to push through an emergency pandemic aid plan that included a vast expansion of the country’s social safety net.

It would provide another round of direct payments for many Americans, an extension of federal jobless benefits and billions of dollars to distribute coronavirus vaccines and provide relief for schools, states, tribal governments and small businesses struggling during the pandemic.

“With the stroke of a pen, President Biden is going to lift millions and millions of children out of poverty in this country,” Representative Rosa DeLauro, Democrat of Connecticut, said. “It is time to make a bold investment in the health and security of the American people — a watershed moment.”

“House Democrats have abandoned any pretense of unity,” said Representative Kevin McCarthy, Republican of California and the minority leader. “This isn’t a rescue bill, it isn’t a relief bill. It’s a laundry list of left-wing priorities that predate the pandemic.”

“This bill represents a historic, historic victory for the American people,” Mr. Biden said at the White House following the measure’s approval, thanking Speaker Nancy Pelosi and the House.

The bill also includes $30 billion for transit agencies; $45 billion in rental, utility and mortgage assistance; and billions more for small businesses and live performance venues.

Federal unemployment payments of $300 per week would be extended through Sept. 6, and up to $10,200 of jobless aid from last year would be tax-free for households with incomes below $150,000. It would also provide a benefit of $300 per child for those age 5 and younger — and $250 per child ages 6 to 17, increasing the value of the so-called child tax credit.

And for six months, it would fully cover COBRA health care costs for people who have lost a job or had their hours cut and who buy coverage from their former employer.