9.9 C
New York
Wednesday, April 14, 2021

Democrats advance Biden’s $1.9 trillion COVID-19 bill in marathon Senate session

Must read

Goldman Sachs profit soars on global deals frenzy, trading boom

Stock Markets7 minutes ago (Apr 14, 2021 09:35AM ET) (C) Reuters. FILE PHOTO: The Goldman Sachs company logo is seen in the company's space on...

J&J investor calls on shareholders to reject CEO Gorsky’s pay

Stock Markets7 minutes ago (Apr 14, 2021 09:35AM ET) (C) Reuters. Alex Gorsky, Chairman and CEO of Johnson & Johnson, celebrates the 75th anniversary of...

Crypto DEX MakiSwap Raises $1.4M From Leading Investors

Cryptocurrency12 minutes ago (Apr 14, 2021 09:30AM ET) Crypto DEX MakiSwap Raises $1.4M From Leading Investors MakiSwap has raised $1.4 million in private and seed funding. The...

“Increase Ethereum’s base reward to at least 128”, Smart Billions’ CTO says

Cryptocurrency12 minutes ago (Apr 14, 2021 09:30AM ET) The Ethereum blockchain and the cost of gas have become a cause of concern for developers and...
imageCoronavirus12 minutes ago (Mar 06, 2021 01:30AM ET)

(C) Reuters. FILE PHOTO: A man walks past the U.S. Capitol in Washington

By Makini Brice and David Morgan

WASHINGTON (Reuters) – Democrats in the U.S. Senate forged ahead with President Joe Biden’s $1.9 trillion coronavirus relief plan early on Saturday, turning back Republican attempts to modify the package in a marathon session that had begun the prior day.

With Republicans united in opposition, Democrats who narrowly control the chamber must keep all 50 of their members on board in order to pass the package, as they hope to do this weekend.

Progress ground to a halt for more than 11 hours as Democrats negotiated a compromise on unemployment benefits to satisfy centrists, chiefly Senator Joe Manchin, who worried the massive package might overheat the economy.

With that issue resolved, the chamber then moved to a series of Republican attempts to modify the bill. The first attempt — to adjourn for the evening — fell short by a vote of 48 to 50.

The largest public health crisis in a century has killed more than 521,000 in the United States, thrown millions out of work and upended most aspects of American life.

The relief legislation includes funding for vaccines and medical supplies, extends jobless assistance and provides a new round of emergency financial aid to households, small businesses and state and local governments.

Opinion polls indicate broad public support for the package.

Democrats hope to get it to Biden to sign into law before some current benefits expire on March 14.

Unemployment aid is just one of many friction points in the sweeping bill. An attempt to raise the minimum wage fell short earlier in the day, and Democrats had earlier modified the bill to steer more aid to smaller states and cities.

The version passed by the House last Saturday calls for $400 per week in jobless benefits through Aug. 29, on top of state benefits, to help Americans who have lost jobs amid the economic trauma caused by the coronavirus.

The compromise would lower that weekly benefit to $300, but extend it through Sept. 6, according to a Democratic aide. The first $10,200 would be tax-free.

The agreement also extends a tax break for businesses for an additional year through 2026.

Biden supports the compromise, the White House said.

If the Senate passes the bill, the House would have to sign off on those changes before Biden could sign it into law.

Republicans were one vote down after Senator Dan Sullivan left Washington en route home to Alaska for a family funeral.

Republicans have broadly supported previous stimulus packages to fight the virus and revive the world’s largest economy, which has yet to replace 9.5 million jobs lost since last year.

But with Democrats in charge of the White House and both chambers of Congress, they have criticized this bill as too expensive. The White House says it could take years for the U.S. economy to add back those lost jobs.

Washington got unexpected good news on Friday after data showed that employment surged in February, adding 379,000 jobs, significantly higher than many economists had expected.

The U.S. unemployment rate, while still high at 6.2% last month, was down from 6.3% in January.

Democrats advance Biden’s $1.9 trillion COVID-19 bill in marathon Senate session

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

- Advertisement -

Latest article

Goldman Sachs profit soars on global deals frenzy, trading boom

Stock Markets7 minutes ago (Apr 14, 2021 09:35AM ET) (C) Reuters. FILE PHOTO: The Goldman Sachs company logo is seen in the company's space on...

J&J investor calls on shareholders to reject CEO Gorsky’s pay

Stock Markets7 minutes ago (Apr 14, 2021 09:35AM ET) (C) Reuters. Alex Gorsky, Chairman and CEO of Johnson & Johnson, celebrates the 75th anniversary of...

Crypto DEX MakiSwap Raises $1.4M From Leading Investors

Cryptocurrency12 minutes ago (Apr 14, 2021 09:30AM ET) Crypto DEX MakiSwap Raises $1.4M From Leading Investors MakiSwap has raised $1.4 million in private and seed funding. The...

“Increase Ethereum’s base reward to at least 128”, Smart Billions’ CTO says

Cryptocurrency12 minutes ago (Apr 14, 2021 09:30AM ET) The Ethereum blockchain and the cost of gas have become a cause of concern for developers and...

Elderly show similar antibody response to 1st dose of Astra, Pfizer COVID-19 shots -UK study

Coronavirus12 minutes ago (Apr 14, 2021 09:30AM ET) 2/2 (C) Reuters. COVID-19 vaccination at Newmarket Racecourse 2/2 By Kate Kelland LONDON (Reuters) - The first study to directly...