US Support Package Will Be Sent to The House of Representatives

The US support package will be sent to the House of Representatives. The package, approved in the Senate, will be put on the table of the House of Representatives.

The US Senate approved President Joe Biden's stimulus package, which includes $ 1.9 trillion in coronavirus support. The package will go to the House of Representatives once again before it is submitted for Biden's signature. Last week, the House of Representatives accepted the aforementioned incentive package; In the Senate, some amendments were made, such as the reduction of the federal unemployment benefit. With the change in the Senate, unemployment benefits from 400 dollars per week were reduced to 300 dollars. Individuals who earned $ 100,000 gross a year would not be able to benefit from cash assistance. In the new plan, this ceiling limit was reduced to 80 thousand dollars.   Support Package To Be Approved Speaker of the House of Representatives Nancy Pelosi said the bill will be approved. While the incentive package was described as President Biden's first "legislative victory", economists rearranged their economic recovery expectations for 2021 with the effect of the support package. Goldman Sachs Group economists predicted that unemployment would fall from 6.2 percent in February to 4.3 percent at the end of the year, with the unemployment rate going to be about 7.4 million. Moody's Analytics Senior Economist, Mark Zandi, in a note shared yesterday, stated that growth will strengthen next year with the end of the additional incentive package, pandemic and quarantines.