U.S. Senate on Monday passed a giant year-end spending bill worth more than $2.4 trillion, the second-largest economic relief measure in history, according to Bloomberg. The spending bill combines $900 billion COVID-19 relief aid with $1.4 trillion in regular government funding and other tax breaks for businesses.
- The Senate voted 92-6 after the House passed the combined bill in two votes of 327-85 and 359-53
- The House and Senate also cleared a seven-day stopgap funding bill to avert a partial government shutdown.
- President Donald Trump is expected to sign the bill this week, ending the House and Senate stalemate over failure to agree on the economic relief.
- The legislation will provide $600 as direct payments to most Americans, but those with incomes of more than $100,000 and undocumented immigrants will be excluded.
- A $300-per-week in enhanced unemployment benefits will be put in effect through March.
- Another $284 billion will go into the Paycheck Protection Program, providing forgivable loans to small businesses.
- The package includes money for transportation, including $15 billion for airlines, vaccine distribution, schools and universities, farmers, and food aid.
- The bill’s passage leaves Democrats ready to push for more stimulus after January 20, when President-elect Joe Biden assumes office.
U.S. stocks are mixed as the dollar gains. SPY is down 0.36%, QQQ; NASDAQ is up 0.049% on premarket, EURUSD is down 0.20%
