We could soon know what the next economic stimulus bill will look like after the House Budget Committee meets on Monday to markup the $1.9 trillion stimulus bill.
Because Democrats are opting to use the budget reconciliation process in hopes of avoiding a Senate filibuster, a number of House committees have sent proposals to the Budget Committee. It will be up to the Budget Committee to put together its recommendation to the full Congress.
The House of Representatives will be holding votes next week, with a day of legislative action added to the calendar for next Friday, Feb. 26. That could be the day when the House votes on the final bill to send to the Senate.
As it stands, the stimulus package includes $1,400 direct payments to most Americans making less than $75,000 per year.
Although there has been pressure from some, including moderate Democrats, it appears President Joe Biden has no intention of dropping the threshold on those who will receive payments.
“We can’t spend too much. Now’s the time we should be spending, now is the time to go big,” Biden said in a CNN town hall earlier this week.
White House Press Secretary Jen Psaki said on Thursday that an economic stimulus is needed to boost the economy.
“I will say that most economists will tell you and most economic data will show that we are crawling out of a massive hole, and it’s — we’re crawling out too slowly, and that what is essential is to ensure that we have — we put in, you know, of course, stimulus into our economy to help expedite that,” Psaki said.
But the stimulus bill has faced some criticism from economists, including from Christina Romer, a prominent Obama administration official who was involved in drafting President Barack Obama’s 2009 stimulus bill.
Democrats are also calling on $400 unemployment supplements through the end of September. The supplements are in addition to state benefits.
The proposal also would also add a $3,000-per-child every year in the tax code.