Biden signed the Rescue American Package into law today, March 11, 2021, which signals the Treasury Department to move forward with distributing funds.
President Biden talked about the necessity of the bill during the signing event:
This historic legislation is about rebuilding the backbone of this country.
Historically this stimulus package is the largest of the three signed into law since the onset of the pandemic. Congressional Democrats overwhelmingly approved the bill whereas Republicans disapproved.
Fortunately, one GOP member was brave enough to defy the party line. His approval prevented Vice President Kamala Harris’s need to use her power to break the deadlock.
The first $1,400 stimulus payments could arrive by direct deposit as early as this weekend. White Press Secretary Jen Psaki explained individuals must already have the information set up with the IRS to be fortunate enough to receive monies so soon.
- Most Americans will receive the stimulus payments. This bill bumped up the amount of money sent into households with children and creates a significant child tax credit.
- The additional support added to unemployment benefits in the Care Act has been extended through September in this legislation.
- Schools will see additional federal dollars to help them reopen.
- Aid will go to cities and states facing budget shortfalls.
- The financial costs for a stronger coronavirus rollout will be covered by the bill.
The White House has indicated an official will be tasked with overseeing stimulus spending across government, according to The Washington Post.
Written by Cathy Milne-Ware
Source:
The Washington Post: Biden signs $1.9 trillion stimulus into law, some to see stimulus payments this weekend; Tony Romm
Featured and Top Image by Cathy Milne-Ware
Inset Image Courtesy of John Lewis’ Flickr Page – Creative Commons License
