Yesterday, the Senate passed President Biden’s American Rescue Plan, getting us a huge step closer to one of the most consequential – and most progressive – pieces of legislation in American history.
At a moment in which the American people are facing dual health and economic crises, this package will get economic relief to the families who need it the most – but it won’t stop there. Biden’s plan will also make a real difference in the lives of regular Americans by creating jobs, providing economic relief, and defeating this virus.
DIRECT PAYMENTS TO 158.5 MILLION HOUSEHOLDS: ARP will send $1,400 checks for 158.5 million American households – the single largest direct payment to date. A typical family of four making $100,000 will get $5,600 in direct checks.
UNEMPLOYMENT EXTENDED THROUGH AUGUST: ARP extends unemployment insurance for around 11 million Americans who would otherwise start losing benefits next week – and protecting them from surprise tax bills.
TENS OF BILLIONS OF DOLLARS FOR RENTERS, HOMEOWNERS: ARP extends tens of billions of dollars in rental and homeowners assistance that will benefit lower-income, disproportionately Black and Brown, renters and homeowners.
$39 BILLION FOR CHILD CARE PROVIDERS: ARP helps working and middle-class families struggling to juggle child care and work by providing money to reopen schools safely and get vaccines in arms, so kids can return to school and parents can go back to work. This includes the most significant investment in American child care since World War II.
66 MILLION KIDS WILL BENEFIT FROM CHILD TAX CREDIT: ARP lifts 11 million people out of poverty and cuts child poverty in half, including through a historic expansion of the child tax credit that will benefit 66 million kids across our country.
EITC EXPANDED TO 17 MILLION WORKERS: ARP expands the Earned Income Tax Credit to 17 million low-income workers.
HEALTH INSURANCE PREMIUMS LOWERED, 100% OF COBRA PREMIUMS COVERED FOR LAID-OFF WORKERS: Significantly reduces health insurance premiums for millions of American families. A family of four making $90,000 could see their monthly premium come down by $200 per month.
That’s why President Biden’s American Rescue Plan is being lauded as the boldest, most ambitious economic package in recent history.
Senator Bernie Sanders: “As Chairman of the Senate Budget Committee, I am proud that we passed the American Rescue Plan, which, in my view, is the most significant piece of legislation to benefit working families in the modern history of this country.”
Senator Chris Murphy: “Little noticed but super important provision of the #AmericanRescuePlan: It dramatically lowers premiums for ACA health plans. Caps premiums at 8% of income, no premiums for anyone 150% of poverty or below. That’s HUGE. And so important in the middle of the pandemic.”
Erza Klein: “I’m open to counterexamples, but this still looks like the most ambitious and progressive economic package congress has passed in my lifetime. It will do more to cut poverty, and push full employment, than anything else I’ve covered.”