The House of Representatives voted 220-211 Wednesday to approve a $1.9-trillion stimulus bill supported by President Joe Biden.
What Happened: The bill, formally known as the American Rescue Plan Act of 2021, marks the first legislative victory for Biden since he took office in January.
The president plans to sign the bill into law Friday, said White House Press Secretary Jen Psaki.
The House vote follows the Senate’s 50-49 passage of its version of the bill on Saturday in a marathon session dubbed “vote-a-rama” by political pundits.
See also: How to Invest Your $1,400 Stimulus Check
The Senate version did not include the $15-per-hour minimum wage provision included in the House’s original version, which passed on Feb. 27 — hence the need for a second vote by the House.
The vote came down along party lines, with Maine Rep. Jared Golden the sole Democrat opposing the measure.
“Borrowing and spending hundreds of billions more in excess of meeting the most urgent needs poses a risk to both our economic recovery and the priorities I would like to work with the Biden administration to achieve, like rebuilding our nation’s infrastructure and fixing our broken and unaffordable health care system,” Golden said in a statement.
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What To Expect: The keystone of the bill is another round of direct federal stimulus checks for taxpayers, with checks of up to $1,400 to individuals making $80,000 or less, single parents earning $120,000 or less and couples with a combined household income of no more than $160,000.
The new bill has limits on who will be receiving stimulus funds: Individuals earning at least $80,000 a year of adjusted gross income, heads of households earning at least $120,000 and married couples earning at least $160,000 will not be eligible.
The Market Reaction: The Dow Jones Industrial Average rallied by 487.81 points to 32,320.55 and set an intraday record high during Wednesday's session.
The S&P 500 was up 0.81% at last check, while the Nasdaq was 0.31% higher.
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Photo by Bjoertvedt/WikiMedia.
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