The United States Senate is discussing this Friday a large number of points proposed in the economic stimulus package presented by President Joe Biden, called the American Rescue Plan. The Senate is expected to make amendments to the package approved a week ago by Congress. Among the changes to the new version of the stimulus package is the reduction in the number of people eligible to receive the $ 1,400 check. People who earn more than $ 80,000 annually and couples with incomes of $ 160,000 would be left out of this round of economic stimulus.
However, the economist Manuel Ramos explained that the next package that is discussed “at the federal level of the 1.9 trillion dollars by the administration of President Biden will now cover those spouses who are married to undocumented persons, which it did not include the Trump administration ”in the first economic stimulus package.
In addition, one of the revisions in the Senate of the economic stimulus package reduces the unemployment benefit from $ 400 to $ 300 per week and would extend said benefit until September 2021.
Currently, the Senate is reviewing and voting on amendments to the package that was approved a week ago by the House. "There is still approval in the plenary session," explained Ramos, indicating that "it should be a bipartisan approval in which 60 votes are required, in favor between Democrats and Republicans. It would be 50 Democratic votes and 10 Republicans for this to be approved." Other points that could hinder approval in the Senate, such as the federal minimum wage of $ 15 per hour that was eliminated in the version of the federal senators. "There are aspects on which Republicans disagree simply because they think this package is too big," Ramos said.
However, Ramos specified that the Democrats could make use of "the budget reconciliation that comes from a law that was approved in 1974 and has been put into effect on several occasions and this time I have no doubt that it will be used in favor of the Democrats regardless of whether Republicans agree or disagree."
When is it expected to be approved?
"The question is when would Biden sign this rescue package and bring it to life so that the real economy, the common people, can receive that check for 1,400 dollars, in addition to an exemption for families with children of 3,600 dollars, which would be applied within the tax declaration that they use, "said Ramos, who believes that the package would be signed before or on March 14 when the unemployment benefits that were authorized with the economic stimulus approved in December expire.
The economist also said that if signed on that date, "it is expected that on March 22 the first checks will be sent by the Department of Internal Revenue (IRS) and then it would be approximately until April 22. So in sequence people who have received rescue packages last year via direct deposit or through a debit card or with checks, it is expected that they will be receiving in the same way as they received last year, "said Ramos.