President Joe Biden’s $1.9 trillion stimulus bill was passed by the House of Representatives over the weekend. What can we expect to happen next? Independent financial advisor Mike Reeves of Strategic Wealth Designers joined us on the newscast to discuss what we will see over the next weeks. The bill will now go to the Senate.
“With the bill going to the senate, we will see a split between Democrats and Republicans,” Reeves says. “What this means is that amendments to the plan will be proposed. Once that is done, the bill will then go back to the House for approval.”
The proposed increase to a $15 minimum wage is likely going to see changes as it moves through the Senate. The House and Senate are attempting to pass the bill through budget reconciliation. Budget reconciliation gives one party the ability to pass a bill with simple majority but will limit the impact the bill has on the federal deficit.
“Democrats are pushing for the package to be passed by March 14th,” Reeves says. “Unemployment benefits from the previous stimulus package are currently extended until March 14th. The American Rescue Plan would extend aid until August 29th.”
The massive size of the stimulus package has received criticism and will likely be a point of contention when trying to pass the bill as budget reconciliation. To see additional stories surrounding business and economic news for the Indianapolis area, visit https://CBS4Indy.com/Strategic-Wealth and if you have a question for Mike send an email to firstname.lastname@example.org.