On Wednesday the U.S Senate approved a budget resolution, allowing the passage of a $1.9 trillion coronavirus relief bill. According to CNBC, the House chamber will have to vote again after the Senate passes a separate version.
- The approval of the resolution enables Democrats to forge ahead with the budget reconciliation process, allowing the passage of the package without Republican votes.
- President Joe Biden hopes to win Republican support for the aid plan, and Democrats have already started to set up the framework to pass the proposal as soon as possible without GOP support.
- Without reconciliation, Democrats would need to win 10 Republicans over in a Senate split 50-50.
- The budget resolution directs committees to write legislation, reflecting Biden’s Covid relief package while staying within the $1.9 trillion target.
- Democrats want to pass the bill even if talks with Republicans on a bipartisan plan do not succeed.
- Several amendments were passed during a series of voting, though many were vague and lacked clarity on how they would affect final legislation.
- Democrats aim to pass a relief package before March 14, when a $300 per week unemployment supplement approved in December expires.
U.S. stocks are currently gaining as the dollar loses. SPY is up 0.46% on premarket, QQQ is up 0.35% on premarket, EURUSD up 0.14%
