The House voted Friday night to provide formal, final approval to a budget resolution fast tracks the $1.9 trillion Biden stimulus proposal. The House voted 219-209 on party lines after the Senate approved the resolution early Friday, with Vice President Kamala Harris casting the tiebreaker vote. The House had already approved the budget resolution on Wednesday, but had to OK the Senate’s largely symbolic changes.
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The budget resolution means a Biden stimulus plan can pass with a bare majority, instead of needing 60 Senate votes to avoid a filibuster. Democratic lawmakers will start crafting the actual stimulus legislation soon, with final passage possible by late February.
Because of Democrats’ narrow majorities, the Biden stimulus plan could be slimmed down even without any Republican votes. Negotiating with moderate Democrats could also win over some centrist GOP senators.
President Biden cited Friday’s weak jobs report as a reason to swiftly pass his stimulus plan. That thinking is one reason why the stock market rally had a solid session. He’s already signaled he’s willing to lower the income limits on new direct stimulus check, but he’s insisting that each check be $1,400.
Biden did concede Friday that a $15 minimum wage is unlikely to be included in the stimulus. A budget reconciliation bill is only supposed to include tax and spending items. It’s also supposed to be deficit-neutral over 10 years.
This is great news for both Stock Market and Cryptocurrencies. As soon as the stimulus package is out there will be a lot more money in the economy to start investing in Stocks and Cryptos, which will drive price of assets up.
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