Source: Roll Call
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • The Democrat-led U.S. House of Representatives has voted in favour of passing a new round of COVID-19 related stimulus cheques
  • President Donald Trump has been pushing for the US$2000 (roughly A$2633) cheques to be pushed through Congress
  • The departing leader may not see his wish granted though, as the proposal now needs to pass the Republican-controlled U.S. Senate
  • The Senate has previously raised concerns about the cost of the $2000 stimulus cheques and instead pursued a lower amount
  • A wider US$2.3 trillion package (about A$3.03 trillion) has already been signed off by the President, with a portion of that money to go toward COVID-19 relief

The U.S. House of Representatives has voted in favour of passing a new round of COVID-19 related stimulus cheques.

The package would see most Americans handed an extra US$2000 (roughly A$2633) to help deal with economic pain caused by the pandemic.

President Donald Trump has personally backed the package and been vocal in his push to have the stimulus cheques passed through Congress.

He’s now one step closer to achieving this goal after the House of Reps, which is controlled by the Democratic Party, voted 275-134 in favour of passing the package on Monday.

It was a rare point of agreement for the Republican President and Democrats, who have also long been pushing for another round of US$2000 stimulus cheques.

However, the legislation still has to pass the U.S. Senate before it becomes official and Republicans have expressed concerns over the cost of the package.

Instead, members within the President’s own party are pushing for stimulus cheques of just US$600 (around A$790).

Commenting on the debate, House Speaker Nancy Pelosi urged Republicans to award American people much-needed help.

“Republicans have a choice, vote for this legislation, or vote to deny the American people the bigger paychecks that they need,” the Democratic leader said.

President Trump has already signed off on a wider US$2.3 trillion package (about A$3.03 trillion), with almost half of that money going towards COVID-19 relief.

However, the cost of increasing the stimulus cheques from $600 to $2000 is likely to cost an additional US$464 billion (approximately A$611 billion).

The proposal will head to the Republican-controlled Senate on Tuesday, where it faces an uncertain fate.

If Republicans do sign off on the $2000 cheques, Treasury officials have said they will begin being distributed to Americans as early as this week.

More From The Market Online
SHRUG

ASX jumps +2.6% higher on Tuesday as Iran war rolls on. Have markets moved on?

I have a feeling I mightn’t be the only person surprised by today’s moves on the ASX, the most recent closing moves on
Sink your teeth into this bad boy

The Aussie market’s been hungry for a good news story. And today, it got one. Will it last?

Let’s start with the most important info: I am currently writing this at 12.30PM Sydney time (9.30AM for me in Perth), and so...

Fuel rationing: When Oz restrictions will start; what’s left in the stockpile?

Australia has ~30 days of diesel, 40 days of petrol, and 30 days of jet fuel…
Silver oil concept

Brent hits US$116/bbl as fresh MidEast fears erase Week 13 optimism. Where now? Nowhere fast…

As users who listen to the HotCopper Wire podcast may know, I’ve been in Darwin for the last week, and so I didn’t