Home CryptoBitcoin In Case You Need Another Reason to Buy Bitcoin, $1.9T USD was Just Printed

In Case You Need Another Reason to Buy Bitcoin, $1.9T USD was Just Printed

by S. Jack Heffernan Ph.D

The US Senate on Saturday voted to approve a $1.9 trillion relief package in what President Joe Biden called a “giant step” towards reviving the pandemic-stricken American economy, capping frenzied negotiations and a marathon overnight voting session.

While they talked up the printing of money, the reality is the USD is becoming worthless.

Passed by 50 votes to 49 in a strict party line vote, the sweeping legislation now heads back to the Democratic-majority House of Representatives, where it is expected to be adopted, barring a last-minute setback.

“I promised the American people help was on the way,” laughisaid Biden in an address from the White House, after the plan was approved along strict party lines.

“Today, I can say we’ve taken one more giant step forward in delivering on that promise,” he said. “It obviously wasn’t easy. It wasn’t always pretty. But it was so desperately needed.”

Even without the progressive priority of a minimum wage increase to $15 an hour, the stimulus bill marks a victory for Biden’s Democrats as they put their stamp on the recovery from a pandemic that has killed more than 500,000 people in the United States and hobbled its economy.

Top Senate Democrat Chuck Schumer vowed that the bill “will deliver more help to more people than anything the federal government has done in decades.”

The legislation would send out $1,400 stimulus checks to most Americans and allocates $350 billion to state and local governments and $130 billion to schools.

It would also provide $49 billion for expanded Covid testing, tracing and research, and $14 billion for vaccine distribution.

Steny Hoyer, the Democratic majority leader in the House, said the chamber would take up the amended bill on Tuesday, with a view to sending it to Biden for his signature early next week.

– Vote-a-rama –

The huge bill — the second largest rescue package in US history, after last year’s $2 trillion CARES Act — almost fell apart.

Senate action was paralyzed for more than 10 hours Friday as Democrats scrambled to retain the support of their most conservative senator, Joe Manchin, who balked at the scale of jobless benefits.

It took a call from Biden and a cut in supplemental weekly unemployment insurance from $400 to $300, among other tweaks, to prevent Manchin from defecting.

The drama served to highlight the growing political muscle of moderates in a deadlocked Senate, where a single swing vote could make or break major legislation.

Biden already had to compromise with Democrats urging more fiscal restraint, reportedly agreeing to a narrowing of the income limit for families receiving stimulus checks.

But the president struck an upbeat note, insisting: “I don’t think any of the compromises have in any way fundamentally altered the essence of what I put in the bill in the first place.”

“This plan is historic,” Biden said. “This plan will get checks out the door starting this month to the American people who so desperately need the help,” he said, “many of whom are lying in bed at night, staring at the ceiling, wondering, will I lose my job…? Will I lose my insurance? Will I lose my home?”

The breakthrough on the bill came against a backdrop of strong US economic data signaling that the world’s largest economy may finally be healing, including better-than-expected hiring in February as battered businesses began recruiting again.

Yet the economy was still short 9.5 million jobs compared with February 2020.

Treasury Secretary Janet Yellen welcomed the Senate vote, saying that without it, it might take two years for the economy to return to pre-Covid levels, creating “economic scars that last well beyond the end of the pandemic.”

– ‘Wish-list’ –

Over a rapid-fire but lengthy series known as a “vote-a-rama”, bleary-eyed senators acted on dozen of amendments, mostly Republican proposals that failed but which forced rival Democrats into casting politically fraught votes.

Republicans have been united in opposition to the bill, and Senate Minority Leader Mitch McConnell issued a statement slamming a “colossal missed opportunity for our nation.”

“Democrats decided their top priority wasn’t pandemic relief, it was their Washington wish-list,” he charged.

Although Biden had promised during the 2020 election campaign to work as much as possible with Republicans, he was unable to attract even a single vote from the opposition party.

But he dismissed the notion that was a bad omen for bipartisanship going forward.

“Look, the American people strongly support what we’re doing,” Biden told reporters. “That’s the key here. And that’s going to continue to seep down through the public, including from our Republican friends.”

You may also like

logo-white

Your Trusted Source for Capital Markets & Related News

© 2024 LiveTradingNews.com – For The Traders, By The Traders – All Right Reserved.

The information contained on this website shall not be construed as (i) an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities or services, (ii) investment, legal, business or tax advice or an offer to provide such advice, or (iii) a basis for making any investment decision. An offering may only be made upon a qualified investor’s receipt not via this website of formal materials from the Knightsbridge an offering memorandum and subscription documentation (“offering materials”). In the case of any inconsistency between the information on this website and any such offering materials, the offering materials shall control. Securities shall not be offered or sold in any jurisdiction in which such offer or sale would be unlawful unless the requirements of the applicable laws of such jurisdiction have been satisfied. Any decision to invest in securities must be based solely upon the information set forth in the applicable offering materials, which should be read carefully by qualified investors prior to investing. An investment with Knightsbridge is not suitable or desirable for all investors; investors may lose all or a portion of the capital invested. Investors may be required to bear the financial risks of an investment for an indefinite period of time. Qualified investors are urged to consult with their own legal, financial and tax advisors before making any investment. Knightsbridge is a private investment firm that offers investment services to Qualified Investors, Members and Institutions ONLY. Qualified Investors are defined as individuals who have met those Qualifications in the relevant jurisdictions. Members are defined as individuals who have been accepted into the Knightsbridge membership program. Institutions are defined as entities such as banks, pension funds, and hedge funds. If you are not a Qualified Investor, Member or Institution, you are not eligible to invest with Knightsbridge. All investments involve risk, and there is no guarantee of profit. You may lose some or all of your investment. Past performance is not indicative of future results. Knightsbridge is not a registered investment advisor, and this disclaimer should not be construed as investment advice. Please consult with a qualified financial advisor before making any investment decisions. By accessing this website, you agree to the terms of this disclaimer. Thank you for your interest in Knightsbridge.