Senate Passes $1.9 Trillion Stimulus Package; Here Are The Differences From House Version

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Update 1800ET: Goldman is out with a short but handy list of the primary differences between the original version of the $1.9 trillion stimulus passed by the House, and the amended version passed by the Senate which is heading back to the House for approval:

  • Individuals with incomes of $75k or less ($150k for couples) still qualify for the $1,400 payments, but in the Senate version eligibility fully phases out beyond $80k/$160k in income, compared to $100k/$200k in the House version.
  • The bill extends eligibility for enhanced unemployment insurance (UI) benefits through September 6 and maintains the weekly top-up payment of $300. The House-passed bill would have extended benefits through August and increased the top-up to $400/week.
  • It waives tax liability for up to $10,200 of UI benefits. This significantly reduces the negative tax surprise many individuals would have faced when filing 2020 tax returns.
  • The bill omits the provision increasing the federal minimum wage, as expected.

And while the Senate scaled back the House-passed bill in several areas, much of the savings is reallocated towards other provisions which is expected to bring the headline size of the bill above $1.8 trillion - and possibly approaching the House's $1.9 trillion price tag.

Update 1337ET: The House plans to vote Tuesday on the Senate-passed bill, according to House Majority Leader Steny Hoyer (D-MD). The question, however, is whether 'the squad' and other House progressives are going to take the exclusion of a $15 minimum wage hike sitting down.

On the other hand, do they want to take the blame for lapsed benefits?

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