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Washington – President Biden signed U.S. $ 1.9 trillion bailout law on Thursday, finalizing an early political victory that will send much-needed aid to millions of Americans still struggling. Covid-19 pandemic.
“This historic legislation aims to rebuild the backbone of this country and give the people of this country, the workers, the middle class people, the people who built the country, a chance to fight,” said Mr. Biden before signing the bill, a day before expected.
The bill was closely approved by the House Wednesday with a vote of 220 to 211, a Democrat joining all Republicans in voting against. He passed the Senate on Saturday with a 50-49 vote, also party-favored.
Mr Biden signed the bill hours before delivering his first national address in prime time to mark the first anniversary of the COVID-19 pandemic, which has since claimed the lives of more than 529,000 Americans. The White House says President and Vice President Kamala Harris will visit Atlanta next Friday, as part of what the White House calls the “Help is Here” tour to tout the new city relief bill. from the country.
New CBS News poll shows that the bill is widely popular with the public, with three in four Americans approving its passage. Two-thirds of Americans also say Mr Biden is doing a good job in dealing with the pandemic.
The American Rescue Plan provides $ 1,400 in direct payments to people earning up to $ 75,000 per year, $ 350 billion in aid to state and local governments, and $ 14 billion in vaccine distribution. The bill also provides $ 130 billion to elementary, middle and high schools to help them reopen safely.
White House press secretary Jen Psaki said the first wave of direct deposit checks will start hitting Americans’ bank accounts as early as this weekend.
It includes an additional $ 300 billion in weekly unemployment benefits until September and an expanded tax credit of up to $ 3,600 per child, initially distributed in monthly installments. The child tax credit could lift 4 million children out of poverty, according to an analysis by the Center on Budget and Policy Priorities.
More than $ 50 billion will be distributed to small businesses, including $ 7 billion for the paycheck protection program. The bill also provides $ 25 billion in aid for small and medium-sized restaurants, which suffered greatly during the pandemic.
The measure extends eligibility for grants to purchase health insurance to people of all income under the Affordable Care Act (ACA), a particularly controversial provision for Republicans who oppose the bill. It also urges states to expand Medicaid under the ACA by charging the federal government for new beneficiaries. Several million people could save hundreds of dollars in health care costs once the bill is passed.
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