On February 27th, 2021, the House passed a $1.9 trillion stimulus bill to aid in the country’s recovery after the economic effects that occurred due to COVID-19. One week later on the 6th of March, the Senate passed the bill with an amendment. On March 11th, President Joe Biden signed it into law.
According to an article by Adam Hayes on Investopedia.com, the American Rescue Plan “…is a package of economic measures a government invokes to stimulate a floundering economy.” The stimulus bill was designed to support the economy and be able to reverse or prevent a recession.
The relief package includes sending out $1,400 stimulus checks to individuals that make under $75,000 and married couples with a combined income of less than $150,000, as well as $1,400 per dependent. The bill also includes an expansion of the current child tax credit and an increase in federal unemployment benefits.
In comparison, the $2.2 trillion CARES Act was passed by Former President Trump in 2020. The fifth round of that stimulus bill was issued in December, and in early 2021, incoming President Biden began on the American Rescue Plan of 2021.
When asked for a statement on the American Rescue Plan, a U.S Representative of Arizona’s 9th district, Greg Stanton, said, “The American Rescue Plan accelerates vaccine distribution, helps millions of working families get back on their feet, and extends a lifeline to struggling small business owners. And, critically, it get[s] kids safely back in classrooms and helps to address the learning loss and social and emotional needs of students disproportionately affected by COVID-19.”
