US $2,140 Trillion Stimulus Bill Passes House... Biden to Sign on 12th (Comprehensive)

Nancy Pelosi, Speaker of the U.S. House of Representatives (left), and Chuck Schumer, Democratic Senate Majority Leader, are showing thumbs up after the House passed the stimulus bill on the 10th.
[Image source=AP Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] On the 10th (local time), the U.S. House of Representatives passed a $1.9 trillion (approximately 2,140 trillion won) economic stimulus bill pushed by President Joe Biden. The bill, which passed the House following the Senate, will take effect once President Biden signs it later this week.

According to U.S. media, the bill passed the House with 220 votes in favor and 211 against. Among the Democrats, Representative Jared Golden opposed the bill, but it did not become an obstacle. All Republican members opposed it once again.

CNN described the bill's passage as "a major first legislative achievement for the Democratic Party, which controls both the Senate and the House, and the new administration."

White House Press Secretary Jen Psaki stated at a briefing that "if the bill arrives at the White House on the 11th, President Biden will sign it on the afternoon of the 12th."

President Biden also said in a statement, "This bill will become a pillar of the nation," and added, "On the 12th, I will sign the people's law at the people's house (the White House)."

Accordingly, President Biden's goal of completing legislation related to the stimulus bill before the expiration of unemployment benefits on the 14th has been achieved.

The bill includes provisions to provide up to $1,400 (approximately 1.6 million won) in cash per person to 90% of Americans who meet income criteria and to extend unemployment benefits by $300 per week until September.

Although the large-scale economic stimulus bill was passed, the yield on the 10-year U.S. Treasury note was slightly down at 1.523% compared to the previous day. U.S. Treasury yields have been a market-moving factor, surging from 0.9% to 1.6% since January due to inflation concerns and worries over large-scale Treasury issuance associated with the stimulus bill implementation.

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