US House Budget Committee Approves $1.9 Trillion Economic Stimulus Plan

John Yarmuth, Chairman of the U.S. House Budget Committee
Photo by Reuters Yonhap News

[Asia Economy Reporter Byunghee Park] The U.S. House Budget Committee passed the $1.9 trillion economic stimulus plan proposed by President Joe Biden on the 22nd.

According to major foreign media, the bill was passed in the committee vote that day with 19 votes in favor and 16 against.

The Democratic Party aims to pass the bill in the House later this week after clearing the committee. Since they hold a majority in the House, the passage is expected to face no issues. The problem lies with the Senate, where seats are evenly split 50-50 between the Republicans and Democrats.

Senate Majority Leader Chuck Schumer recently stated that the bill must be passed before next month’s 14th, when federal unemployment support measures expire.

The opposition Republican Party opposes the bill, arguing that since $4 trillion was already provided last year for COVID-19 response, the support amount should be reduced.

Republican Representative Buddy Carter said at the House Budget Committee that approximately $1 trillion of the already approved budget remains unused. He questioned the need for another $2 trillion under these circumstances, pointing out that it would place a burden on the current generation.

On the other hand, House Budget Committee Chairman John Yarmuth said before the vote that active and bold measures are necessary to prevent the economy from falling into a deeper crisis and urged swift action.

This content was produced with the assistance of AI translation services.