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Biden’s stimulus plan moves forward

Americans are one step closer to getting their stimulus in March. Stay tuned!

The House Budget Committee approved Monday a $1.92 trillion bill to carry out President Joe Biden’s coronavirus relief plan, the first step toward likely House passage by the end of the week.

The vote was 19-16. Texas Democrat Rep. Lloyd Doggett voted with Republicans in opposition to the bill but a spokeswoman for him later said he had cast his vote in error and supported the legislation.

The bill will go next to the House Rules Committee, where it could be changed, before hitting the House floor late in the week.

As a spinoff bill from the fiscal 2021 budget resolution, it will be immune to the filibuster in the Senate and can pass with 50 Democratic votes and that of Vice President Kamala Harris as the tiebreaker.

Here are the some of the biggest provisions and how much the Congressional Budget Office expects them to cost in outlays or reduced revenues, or both, over 10 years:

Direct payments to households: Similar to previous rounds of $1,200 and $600, these payments would be $1,400 per tax filer ($2,800 for couples) and $1,400 per eligible dependent. The payments would start phasing out at an individual income of $75,000, with eligibility based on 2019 or 2020 tax returns. Price tag: $422.3 billion.

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