• 204 days Could Crypto Overtake Traditional Investment?
  • 209 days Americans Still Quitting Jobs At Record Pace
  • 211 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 214 days Is The Dollar Too Strong?
  • 214 days Big Tech Disappoints Investors on Earnings Calls
  • 215 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 217 days China Is Quietly Trying To Distance Itself From Russia
  • 217 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 221 days Crypto Investors Won Big In 2021
  • 221 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 222 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 224 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 225 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 228 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 229 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 229 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 231 days Are NFTs About To Take Over Gaming?
  • 232 days Europe’s Economy Is On The Brink As Putin’s War Escalates
  • 235 days What’s Causing Inflation In The United States?
  • 236 days Intel Joins Russian Exodus as Chip Shortage Digs In
The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030

The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030

According to Citigroup, the metaverse…

Another Banner Year for Billionaires

Another Banner Year for Billionaires

Unsurprisingly, last year was very…

SuperBowl Is About to Set a New Betting Record

SuperBowl Is About to Set a New Betting Record

This Sunday, the Rams are…

  1. Home
  2. News
  3. Breaking News

U.S. Lawmakers Pass $2.3 Trillion Relief Package

Stimulus

Distribution of the much-anticipated second round of stimulus checks should begin before the end of year for a bit of potential holiday cheer, or at least to stem the tide of Christmas-present-related debt. 

Under the new legislation, most adults would receive a direct payment of $600 as well as $600 per child, as part of a massive $2.3 trillion bill that includes $1.4 trillion for funding the government and $900 for coronavirus relief. 

Passed by the House and Senate after months of delays, the bill is heading to President Donald Trump with a December 28th signing deadline. The president has indicated he would not oppose the bill.

The package includes a $1.4-trillion omnibus bill based on a 2019 spending deal. It also includes $1.4 billion for the Trump's administration southern border wall, $20 billion for the purchase of vaccines that makes the vaccine available at no charge, and financial aid for Jordan, Israel and Venezuela.

Aside from the $600 stimulus check, the new bill also provides federal jobless benefits of $300 per week through March next year. That’s half of the $600 per week unemployed workers received at the start of the pandemic through late July under the CARES Act.

The direct payments are roughly half the amount paid to adults through March’s CARE Act, which gave up to $1,200 for individuals and up to $2,400 for married couples.  

The stimulus checks that the government started sending in April are long gone. 

In late March, lawmakers passed the $2.2 trillion CARES Act, which included $290 billion in direct payments. The program allowed $1,200 for people making less than $75,000 and couples making less than $150,000. It also paid $500 per child.

According to new research by a team of economists from four American and European universities, the majority of the first stimulus check money was spent on rent and bill payments, followed by food and personal care items.

On the whole, households spent around one-quarter to one-third of their stimulus check money within 10 days of receipt.

Those in the lowest income group, who earned less than $1,000 per month, spent about 40% of the checks in the first 10 days. However, people with more than $3,000 in liquidity simply deposited them for a rainy day.

Even though the economy is much better than it was in April, the majority of Americans believe that the upcoming stimulus check will not be enough.

According to a new poll by YouGov, Americans think that the $600 figure is below what many feel they need.

Seven in 10 Americans describe stimulus checks that were ultimately included in the deal as “too little.” Some 5% said the amount was too high. 

As for the plans on how to use it, a third of recipients said they would pay bills. 

“Another 20 percent said they would put it in emergency savings with 17 percent said pay towards debts. 14 percent said it would be used for essentials such as food and hygiene products,” the report said.

Many Democratic lawmakers agree with Americans that the stimulus check is not enough and have voiced desire for more action to be taken under the Biden administration sometime next year. 

Last May, the House Democrats introduced a new stimulus bill called the Health and Economic Recovery Omnibus Emergency Solutions Act, or the "HEROES Act".  The House passed in May but was declared dead on arrival in the Senate.

This $3-trillion proposal far exceeded the cost of the $2.2 trillion CARES Act, and would have given $2,000 per month to people making under $120,000, plus $2,000 per child for up to three children.

By Fred Dunkley for Safehaven.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment