Democrats Push Stimulus And $1,400 Checks, With Or Without Republicans

Democratic lawmakers are pushing forward with a stimulus package to deliver $1,400 checks and a $15 minimum wage. With no Republican support, Democrats may disregard President Joe Biden's message of compromise and pass the bills through reconciliation, a procedural measure that would allow passage with a simple majority, The Washington Post noted.

The proposal from Democrats follows the priorities of a recent executive order from Biden, approving a third round of $1,400 checks, raising the minimum wage to $15 and extending protections and federal aid set to expire in March. Stimulus checks of $600 were sent out in early January.

"There's an urgency to moving it forward and [Biden] certainly believes there needs to be progress in the next couple of weeks," Jen Psaki, White House press secretary, said while describing the mid-March unemployment deadline as an "unemployment cliff."

Republicans, now concerned with the budget, have proven largely unwilling to support the initiative.

Democrats can still pass it through reconciliation, a Senate measure intended for budget bills that lowers the bar from 60 votes to 51.

House Budget Committee Chairman John Yarmuth said Monday that the budget bill needed to use reconciliation could arrive "as early as next week."

Sen. Bernie Sanders of Vermont confirmed the Senate was doing the same.

While reconciliation would be used to overcome uniform Republican opposition, the Biden administration did its best to smooth over any ruffled feathers.

"Reconciliation is a means of getting a bill passed. That does not mean, regardless of how the bill is passed, that Democrats and Republicans cannot both vote for it," Psaki said. "The president obviously wants to make this bipartisan, hence he's engaging with members of both parties and he remains committed to that."

Republicans have proven particularly resistant to the increased minimum wage, a measure that might not even be legal in reconciliation, which can only pass elements that directly change the federal budget. Biden may drop that to try and get Republicans on board with a conventional vote.

RECENT NEWS

How Hedge Funds Differ From Mutual Funds

In a world where successful investment plays a significant role in one's financial success, it becomes paramount to unde... Read more

Basics Of Hedge Funds And Their Strategies

In the realm of finance, hedge funds often make tantalizing headlines. With their high rewards and greater risks, they'r... Read more

The Role Of Hedge Funds In Financial Markets

Over the years, the prominence of hedge funds within the financial market landscape has grown exponentially. The role of... Read more

Revolutionizing Finance: A Deep Dive Into The Role Of Machine Learning In Hedge Fund Management

The financial landscape has undergone radical transformations over the years, shifting from traditional models of financ... Read more

Emerging Cybersecurity And Compliance Trends In The Hedge Fund Industry

The hedge fund industry, a central force in the global investment landscape, faces both the promise and peril of ever-ad... Read more

Understanding Key Compliance Challenges For Hedge Funds In The Post-Pandemic Era

As societies grapple with the aftermath of a globally destructive pandemic, exploring the intricate operations of hedge ... Read more