Democrats Unveil First Draft of Stimulus-Bill Draft Of $1,400 Measures

The Financial Services Committee is charged, under the terms of the 2021 budget adopted last week by Congress, with drafting legislation totaling $75 billion in deficit increases.

Democrats Unveil First Draft of Stimulus-Bill Draft Of $1,400 Measures
Democrats Unveil First Draft of Stimulus-Bill Draft Of $1,400 Measures

( By Bloombarg ) House Democrats on Monday released the primary draft text for key pieces of legislation which will comprise President Joe Biden’s Covid-19 relief bill.The legislative language released by the Education and Labor Committee and Committee on Financial Services shows Democrats are forging ahead with plans to extend the federal wage to $15 an hour by 2025, and have earmarked $15 billion for airline-worker payroll assistance.

These and 10 other committees are meeting within the coming days to assemble the stimulus bill for a House floor vote the week of Feb. 22. Once the bill goes to the Senate, it's designed to be passed with just 50 members plus the tie-breaking vote of vice chairman Kamala Harris employing a special budget fast-track procedure.

House Democrats are showing with Monday’s bill text that they're going to attempt to increase the wage despite a raging debate over whether Senate rules permit them to try to to so through the so-called reconciliation procedure.

Education and Labor Chair Bobby Scott’s draft bill includes the raise , which also phases out the lower wage for tipped workers. The committee, set to satisfy Tuesday to carry votes on the bill, estimates 27 million workers will see a pay increase under the supply by 2025.

The draft bill also has $130 billion for kindergarten through 12th grammar school reopening and $40 billion for higher-education institutions. Childcare businesses would enjoy $39 billion in funding.

The bill would extend pandemic food benefits using $5 billion and expand home heating assistance by $4 billion. Provisions to tighten workplace safety standards for Covid-19 also are included, as is funding to subsidize insurance for the newly unemployed.

Senior-care services would receive $1.4 billion, and money is about aside to combat an increase in violence and maltreatment that have accompany the pandemic and lockdowns.

The Financial Services Committee is charged, under the terms of the 2021 budget adopted last week by Congress, with drafting legislation totaling $75 billion in deficit increases. Chair Maxine Waters  will convene the panel on Wednesday to vote on this portion of the bill.

According the committee’s draft legislation, which will include $10 billion to use the Defense Production Act to supply masks and other Covid-19 equipment, $25 billion for rental assistance, and $5 billion in assistance for the homeless. the majority of the rental aid program would run through the Department of the Treasury .

Homeowners would enjoy $10 billion for direct assistance with mortgage payments, land tax payments and utility costs.For airlines, $14 billion in payroll assistance would be provided on to airlines and $1 billion to contractors.

The House Ways and Means Committee is planning for a multi-day process to approve the tax portions of the stimulus bill, starting on Wednesday. That text includes another round of relief checks, paid-leave benefits and expanded tax credits for families with children and low-income individuals. It also addresses the extended unemployment benefits that Biden involved in his overall $1.9 trillion proposal.

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