"When Congress colors in the details of the stimulus package, investors should expect some deviation from the original Biden plan, as even a Congress closely in sync with the president will look to put their own imprint on the bill," Hammond wrote in a February 2 research note.īiden's Treasury nominee Janet Yellen pushes for "big" action at confirmation hearing 04:47 But with GOP support so far failing to materialize, Democrats are pushing forward with the budget reconciliation process, which would next direct House and Senate committees to discuss spending priorities. What's holding up new stimulus checks?Ĭhief among the issues are whether Republican lawmakers would support the package. Meanwhile, Senate Majority Leader Chuck Schumer of New York said he, too, is aiming to pass the next round of stimulus aid by mid-March, according to Bloomberg News. "I'm not going to let jobless workers fall off a cliff again," Wyden said, referring to the expiration of additional jobless aid from two prior relief packages. Wyden said that he would like to see the next relief bill passed at least a week prior to the March 14 expiration of expanded unemployment benefits, which include an extra $300 in weekly jobless aid. economy since World War II - that alone should send a very powerful message to Senators who are getting ready to debate COVID legislation, and caution them against going small," Senator Ron Wyden, a Democrat from Oregon, said in a January 28 conference call with reporters. "Last year was the worst year for the U.S. economy shrank 3.5% last year, its largest annual decline in 74 years, government data shows. The labor market isn't likely to return to pre-pandemic levels until 2024, according to a February 1 report from the Congressional Budget Office. "The labor market recovery remained stuck in a rut in January as the pandemic's winter surge weighed on hiring." "It may look good, but it ain't," wrote Oxford Economics economist Lydia Boussour in a February 5 research note. That plan would cut the cost of a third stimulus check to $220 billion, compared with $600 billion under Mr. On February 1, a group of 10 Republican lawmakers unveiled an alternative stimulus plan that would scale back the checks to $1,000 per adult and lower the income cap for receiving payment. Heights Securities analyst Hunter Hammond expects a final package could be passed in the first quarter and range from $1.5 to $2.2 trillion. The price tag for the relief package, called the American Rescue Plan, faces pushback from some Republican lawmakers, who last year resisted Democratic efforts to pass a $2 trillion bill. Yet while that could extend a helping hand to millions of households still suffering from the pandemic's economic fallout, it could be weeks until the payments arrive, analysts say. President Joe Biden's $1.9 trillion coronavirus relief plan proposes a third round of stimulus checks of $1,400 for most Americans. Democrats prepare to fast-track Biden's $1.9 trillion COVID economic plan 02:07
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