U.S. President Joe Biden Source: Vox
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • President Joe Biden’s COVID-19 relief package has passed its final hurdle, clearing the U.S. House of Representatives
  • The US$1.9 trillion (around A$2.5 trillion) package includes another round of stimulus cheques, which aim to boost the pandemic-ravaged economy
  • The package passed the Democrat-controlled House 220–211 on Wednesday, despite Republicans delaying the passage with their cost-related concerns
  • The next step is for President Biden to sign off on the bill, passing it into law, which is expected to happen on Friday
  • Once the bill comes into effect, it will be the largest stimulus package introduced since the Great Depression

U.S. President Joe Biden’s COVID-19 relief package has passed its final hurdle, clearing the House of Representatives.

The US$1.9 trillion (around A$2.5 trillion) American Rescue Plan aims to revitalise the country, which has been badly affected by the pandemic.

Among the measures included in the bill is another round of stimulus cheques for most adults — worth US$1400 (about A$1800) each.

Additionally, the package extends the US$300-(roughly A$387-)per-week emergency unemployment benefit for an additional six months.

The long-awaited package passed the House of Representatives 220–211 on Wednesday after days of debate.

Republicans were trying to delay the passage amid concerns around its cost — the largest stimulus package introduced since the Great Depression.

Despite the concerns, the Bill passed comfortably through the Democrat-controlled House, with only one of the party’s own members opposing the bill.

The bill has now been sent to Joe Biden, who’s expected to sign off on the package on Friday, allowing for the stimulus payments to begin being distributed as early as next week.

“This bill represents a historic, historic, victory for the American people,” the U.S. President said.

“I look forward to signing it later this week. Everything in the American Rescue Plan addresses a real need, including investments to fund our entire vaccination effort,” Biden added.

To date, the U.S. has the highest rates of COVID-19 infections and deaths across the globe, with over 28 million cases and more than 529,000 deaths.

More From The Market Online

RBA keeps interest rates on hold in line with expectations

The Reserve Bank of Australia has acted largely in line with expectations and kept Australia's interest…

Aussie unemployment still too low, but Q1 2024 increase tipped: Oxford Economics

The Australian Bureau of Statistics has released unemployment data for October, posting a return to 3.7…

Building Approvals up 7.5 per cent, CapEx also climbs

The number of dwelling approvals rose 7.5 per cent last month, in a big turn around…

Australian unemployment rate remains at 3.9pc despite 65,000 job losses

Australia saw a significant employment drop of 65,000 jobs in December 2023, marking the second-largest loss…