50 VS 49 Biden's $1.9 Trillion Bailout Bill Passed by Senate

    The Senate passed Biden's $1.9 trillion rescue bill on Saturday by a 50-49 vote, and now the American Rescue Plan Act will be sent back to the House of Representatives for a final vote. It would be Biden's first legislative victory and set the stage for his next push for a massive infrastructure and manufacturing recovery bill.

    The bill is twice the size of the Obama-era stimulus and larger than many on Wall Street had expected earlier. The main contents of the relief plan include adding an additional $300 to weekly unemployment benefits; expanding the scope of unemployment benefits and extending the use period until September 6; injecting about $350 billion into state and local governments; Provide about $170 billion for school reopening.

    Economists have raised their forecasts for U.S. economic growth in anticipation that the bill will eventually pass and land. Growth is expected to average 5.5% for this year, the fastest pace since 1984 and up from a previous forecast of 4.9%.