June 12, 2021

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one step closer from this week

In the opinion of these experts, the earliest we could see congressional approval of a package of this magnitude would be at the beginning of February.

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President-elect Joe Biden has already unveiled his promised aid package to counter the economic impact of the pandemic in the United States and its territories: a project that includes stimulus checks for $ 1,400 for most citizens.

His proposal will get one step closer to reality this week, as soon as Biden and two new Democratic senators from Georgia take office, as the Democrats will be in control of the presidency and Congress, giving the aid package sums. at $ 1.9 billion (trillions) a good chance of approval.

However, the process may take longer than millions of recipients and many Democratic leaders expect.

Why? The checks are part of a complex, tiered plan that includes raising the minimum wage to $ 15 an hour, expanding unemployment insurance licenses and increasing tax credits for families with children.

As analysts have warned, a single bill – focusing only on stimulus factors – could be passed quickly. However, something totaling almost $ 2 trillion in federal funding can absorb days, if not weeks, of debate and discussion.

As early …

In the opinion of these experts, the earliest we could see congressional approval of a package of this magnitude would be at the beginning of February.

While the Democratic leadership hopes to quickly pass the measure, it is unlikely that all the details of a plan like that can be worked out in the last week of January.

Still, once approved, the U.S. Department of the Treasury could distribute the checks in a matter of days, as they have dramatically improved processing speed for residents in all 50 states, from their first round of $ 1,200 checks to payment. most recent $ 600.

In Puerto Rico, Governor Pedro Pierlusi announced Tuesday that the $ 600 Economic Impact Payment will begin to be distributed starting this week and that it will reach 2.8 million people.

The news came after the federal Internal Revenue Service (IRS) approved the Department of the Treasury the draft plan for the distribution of payments.

Other factor

It remains to be seen whether the new federal Senate will adopt the impeachment procedures against the outgoing president, accused of inciting the insurrection on January 6, prior to the violent acts in Congress.

If so, the time it takes for the new federal Congress to approve the new stimulus package could be extended, although it is still premature to conclude it.

The president-elect’s relief plan comes as the United States is riding the crest of the most dangerous wave of the pandemic.

At press time, almost 400,000 people had died from COVID-19 in that nation and its territories, and last week another 965,000 people filed weekly unemployment claims, a sign that the spread of the virus and its effects on the economy are forcing companies to cut and lay off workers.

Under Biden’s multi-front strategy, about $ 400 billion would go directly to fighting the pandemic, while the rest is focused on economic relief and aid to states and localities.

About $ 20 billion would be allocated for a more disciplined approach to vaccination, in addition to the $ 8 billion already approved by Congress.

Biden has called for the creation of mass vaccination centers and the dispatch of mobile units to areas with difficult access.

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