U.S. Senate approves $1.9 trillion plan to rescue the economy

The U.S. Senate approved a $1.9 trillion package of economic relief aimed at tackling the consequences of the COVID-19 pandemic. This was reported by CBS News.

The 117th Congress Senate comprised 50 Republicans and 48 Democrats. Two senators were elected as independents, though they joined the coalition with the Democrats.

The remainder backed the plan unanimously. Forty-nine Republicans opposed, one was absent during the vote. The final consideration of the bill in the House of Representatives will take place on Tuesday, March 9.

The measures proposed by President Joe Biden provide $1,400 payments to individuals earning less than $75,000 a year. Another provision extends unemployment support until September.

The rest of the funds will be allocated to states and localities, schools, businesses, and to expanding testing and vaccination programs.

Republican lawmakers had proposed trimming the package to $600 billion. They argued most of the money would go to addressing issues not related to economic recovery. Biden did not agree with the initiative.

“The essence is this: this plan puts us on a path to fight this virus. It gives those families hardest hit the help and the breathing room they need […] This plan gives small businesses in the country a chance to survive,” the president said.

Earlier, with support for Biden’s package, US Treasury Secretary Janet Yellen spoke. In November 2020, Morgan Creek Digital co-founder Anthony Pompliano described her potential appointment to the post as good news for Bitcoin, noting that the official’s stance on pumping money into the economy points to coming high inflation.

According to CoinDesk, the approval of stimulus measures could raise cryptocurrency prices, especially if recipients use the money to buy digital assets.

Past stimulus checks of $1,200 and $600, if invested in Bitcoin, are estimated to be worth more than $10,000 at the time of writing.

Earlier, in February, Yellen described Bitcoin as a speculative asset, with digital gold briefly falling to $47,500.

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