Once the House passes the same version of a budget measure, the chambers can move forward with writing a rescue package that is expected to include stimulus checks, a supplemental jobless benefit, and Covid-19 vaccine and testing funds, among other measures.
Approval of a resolution will allow Democrats to forge ahead with the budget reconciliation process, which enables the party to pass a rescue package with no Republican votes.
Now, this is a question of pure politics. Or Biden strikes a deal without Republicans, that not complying with his inauguration speech. Or he negotiates a smaller deal to get a bipartisan vote.
Democrats aim to pass, among other provisions:
- $1,400 direct payments
- A $400 per week jobless benefit through September
- $350 billion in state, local and tribal government relief
- A $20 billion national Covid-19 vaccination program
- $50 billion for virus testing
- $170 billion for K-12 schools and higher education institutions
- A $30 billion rent and utility assistance fund
Today’s NFPs will be important to calibrate the size of the rescue fund. Story to follow! The USD and the US 10Y are nervous…
