At 1PM on Monday, February 22, 2021, the U.S. House will present the American Rescue Plan Act of 2021 and House Speaker Nancy Pelosi hopes to have a vote in the U.S. House by the close of next week. The 591-page reconciliation bill was made public late yesterday and provides billions of dollars of U.S. taxpayer obligations to spend on everything from agriculture to education. Since the U.S. government does not have $1.9 trillion to spend on the Act, it will need to borrow the funds if the bill passes to be paid back by U.S. taxpayers on top of the $28 trillion owed by taxpayer already and the $122 trillion of unfunded liabilities on the federal government has obligated U.S. taxpayers.
Besides $1,400 direct payments to most Americans, the bill includes a raise in the federal minimum wage from $7.25 per hour to $15 per hour by 2025. The Act includes implementation of a national vaccination program that includes setting up community vaccination sites nationwide. It would also take measures to attempt combat with COVID-19, including scaling up testing and tracing, addressing shortages of personal protective equipment and other critical supplies, spending on high-quality treatments. The plan will also spend money to reopen schools.
The Act would also provide funds for housing and nutrition to families (via SNAP), expand already funded child care and health care, extend and expand unemployment insurance, and give families with children and childless workers enhanced tax credits.